Income Tax Act 2007 section 760

Method of calculating gain

Section 760 sets out how a gain is to be calculated for the purposes of the chapter dealing with transactions in land.

• This section provides the method for computing the gain arising from a transaction in land that falls within the scope of this chapter.
• The calculation is based on the principles formerly found in section 776(6) of the Income and Corporation Taxes Act 1988 (ICTA), carried forward into the 2007 Act.
• The section has been amended by Finance Act 2016 and Finance (No. 2) Act 2017 to reflect updates to the transactions in land rules.
• The gain calculated under this section determines the amount that is brought into charge to income tax under the transactions in land provisions.