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.