which freelander you got (which engine / gearbox combination ) ?
The TC (traction control) symbol is like a dashed circle with the letters "TC" in the middle, and on mine flashes when I start to lose grip and wheels are spinning, so the ECU make the engine cut power.
The landy going down a slope shows HDC hill descent control is switched on, if you've not got it switched on, maybe have a look at the switch wiring for the HDC switch, as this is not unknown to cause faults. There is a thread or two on here about it, search for TC, Traction Control, HDC, Hill Descent Control.
Hope this helps, and more importantly, you solve your problem soon. Unwanted dash lights bug the sh*t out of me, and I can't rest till the problem's sorted. Touch wood, so far, so good.