# Taxation of Chargeable Gains Act 1992, Section 156: Assets of Class 1.

Extent: E+W+S+N.I.

(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) Where ... section 19 of ITTOIA 2005 or section 42 of CTA 2009 applies (tied premises: receipts and expenses treated as those of trade), the trader shall be treated, to the extent that the conditions in subsection (1) of that section are met in relation to premises, as occupying as well as using the premises for the purposes of the trade.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/section/156 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-156
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.