BIM60335 - Transactions in land: Period in which the gain is taxed

S758 Income Tax Act 2007, S818 Corporation Tax Act 2010

The gain is taxable under the transactions in land provisions as income of the person chargeable (see BIM60325 and BIM60328) in the:

• tax year in which the gain arises (where the person liable for the tax is an individual, a trustee or a personal representative), or
• accounting period in which the gain arises (where the person liable for the tax is a company).

For guidance on how to compute the amount to be taxed, see BIM60333.

For details of where the tax due may be recovered from another person, see BIM60330.