156 Assets of Class 1.U.K.
(1)This section has effect as respects head A of Class 1 in section 155.
(2)Head A shall not apply where the trade is a trade—
(a)of dealing in or developing land, or
(b)of providing services for the occupier of land in which the person carrying on the trade has an estate or interest.
(3)Where the trade is a trade of dealing in or developing land, but a profit on the sale of any land held for the purposes of the trade would not form part of the trading profits, then, as regards that land, the trade shall be treated for the purposes of subsection (2)(a) above as if it were not a trade of dealing in or developing land.
(4)A person who is a lessor of tied premises shall be treated as if he occupied (as well as used) those tied premises only for the purposes of the relevant trade.
This subsection shall be construed in accordance with section 98(2) of the Taxes Act (income tax and corporation tax on tied premises).
Modifications etc. (not altering text)
C1Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras.3, 7
Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)