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Income Tax (Trading and Other Income) Act 2005
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- UK Public General Acts
- 2005 c. 5
- Part 3
- Chapter 11
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Chapter 11Overseas property income
357Charge to tax on overseas property income
Income tax is charged on the overseas property income of a person to whom the remittance basis applies.
358Meaning of “overseas property income”
In this Chapter “overseas property income”, in relation to a person to whom the remittance basis applies, means amounts which—
(a)are not brought into account in calculating the profits of any overseas property business of the person, but
(b)would be if section 269(3) (charge to tax on profits of an overseas property business of a person to whom the remittance basis applies only in respect of land in the Republic of Ireland) were omitted.
359Income charged
Tax is charged under this Chapter on the amount specified by section 832 (relevant foreign income charged on the remittance basis).
360Person liable
The person liable for any tax charged under this Chapter is the person receiving or entitled to the income.
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