231(1)Amend section 776 (transactions in land: taxation of capital gains) as follows.
(2)For subsections (3) and (3A) substitute—
“(3)Where this section applies, then, subject to the following provisions of this section, the company by which any such gain is realised shall be chargeable to corporation tax, for the accounting period in which the gain is realised, on the whole of the gain.
(3A)The charge under subsection (3) has effect as an application of the charge to corporation tax on income.”
(3)In subsection (6)—
(a)in paragraph (a) for “Case I of Schedule D” substitute “Part 3 of CTA 2009”, and
(b)in paragraph (b) for “subsections (2) and (3) of section 99 above” substitute “section 136 of CTA 2009”.
(4)In subsection (7) for “Case I of Schedule D” substitute “Part 3 of CTA 2009”.
(5)In subsection (8) for “(3)(b)” substitute “(3)”.