Company sublet of business premises

[Chaddesley]

A company has made trading losses since it's incorporation around 5 years ago. This year it has made a small trading profit but has also sublet part (around 50%) of it's business premises to make ends meet. Is the rental income taxable as "Income from UK land & buildings" (in which case the trade losses B/F can't be set against it and so a corporation tax liability arises) or can it be included as part of the trading profits (in which case losses are sufficient to cover the entire profit for the chargeable accounting period).

I've found legislation that allows the trade treatment for income tax (see below) but I can't find the equivalent for corporation tax. Anyone have any ideas?

http://www.hmrc.gov.uk/manuals/pimmanual/pim4300.htm

[Incredulum]

Applies to CT too.