Corporation Tax Act 2010 section 356OF

Profits and losses

Section 356OF confirms that the rules on transactions in UK land apply equally to losses as they do to profits and gains.

• The provisions dealing with profits from transactions in UK land (Sections 356OB to 356OE) also apply to losses in the same way.
• Any reference to a "profit or gain" in this Part of the Act should be read as including a loss.
• This ensures symmetrical treatment: if a transaction falls within these rules, a resulting loss is treated in the same manner as a resulting profit.
• The practical effect is that losses from dealings in UK land caught by these provisions are treated as trading losses, mirroring the treatment of profits as trading profits.