Commentary

D7.823 Losses or profits on sale of mortgaged properties

Corporate tax
Corporate tax | Commentary

D7.823 Losses or profits on sale of mortgaged properties

Corporate tax | Commentary

D7.823 Losses or profits on sale of mortgaged properties

Losses or profits on realisation of properties mortgaged to a society are to be included in the computations, provided that the properties, to which the society has become absolutely entitled, have not been retained by the society as investments.

Where a building society is in possession of a mortgaged property, and wishes to realise its security, it is usual for it to sell as mortgagee in possession. In these circumstances a profit does not arise as the society is entitled only to retain out of the proceeds of sale the amount due

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