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Extension of charge under Case I of Schedule D to certain profits from dealing in or developing land.
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17.—(1) Where, apart from this section, all or some of the activities of a business of dealing in or developing land would not be regarded as activities carried on in the course of a trade within Schedule D but would be so regarded if every disposal of an interest in land included among those activities was a disposal of the full interest therein which the person carrying on the business had acquired and that interest had been acquired by him in the course of the business, the business shall be deemed to be wholly a trade within Schedule D or, as the case may be, part of such a trade and the profits or gains thereof shall be charged to tax under Case I of Schedule D accordingly.
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(a) a dealing in land shall be regarded as taking place where a person having an interest in any land disposes, as regards the whole or any part of the land, of that interest or of an interest which derives therefrom, and
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(3) Where an interest in land is disposed of in the course of the winding up of a company, the company shall, for the purposes of this section, be deemed not to have ceased to carry on the trade or business which it carried on before the commencement of the winding up until the completion of the disposal, or of the last such disposal where there is more than one, and the question whether any such disposal was made in the course of a business of dealing in or developing land which is, or is to be deemed to be, a trade or part of a trade shall accordingly be determined without regard to the circumstance that the company is being wound up.
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