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

S758 Income Tax Act 2007, S818 Corporation Tax Act 2010

»Ê¹ÚÌåÓýapp 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.