Part 3Property income
Chapter 10Post-cessation receipts
Charge to tax on post-cessation receipts
349Charge to tax on post-cessation receipts
Income tax is charged on post-cessation receipts arising from a UK property business.
350Extent of charge to tax
1
A post-cessation receipt is chargeable to tax under this Chapter only so far as the receipt is not otherwise chargeable to income or corporation tax.
2
Accordingly, a post-cessation receipt arising from a UK property business is not chargeable to tax under this Chapter so far as it is brought into account in calculating the profits of the business for any period.
351Income charged
1
Tax is charged under this Chapter on the full amount of the receipts received in the tax year.
2
This is subject to—
a
sections 254 and 255 (allowable deductions), and
b
section 257 (election to carry back),
which apply for the purposes of this Chapter as they apply for the purposes of Chapter 18 of Part 2 (but as if any reference to a trade were to a UK property business).
352Person liable
The person liable for any tax charged under this Chapter is the person receiving or entitled to the receipts.