Part 3Property income
Chapter 3Profits of property businesses: basic rules
Charge to tax on profits of a property business
268Charge to tax on profits of a property business
Income tax is charged on the profits of a property business.
269Territorial scope of charge to tax
1
Profits of a UK property business are chargeable to tax under this Chapter whether the business is carried on by a UK resident or a non-UK resident.
2
Profits of an overseas property business are chargeable to tax under this Chapter only if the business is carried on by a UK resident.
3
But, in the case of an overseas property business carried on by a UK resident to whom the remittance basis applies, the only profits of the business chargeable to tax under this Chapter are those in respect of land in the Republic of Ireland.
4
For a UK resident to whom the remittance basis applies, see also Chapter 11 (charge to tax on overseas property income other than income arising in Republic of Ireland).
270Income charged
1
Tax is charged under this Chapter on the full amount of the profits arising in the tax year.
2
Subsection (1) is subject to Part 8 (foreign income: special rules).
271Person liable
The person liable for any tax charged under this Chapter is the person receiving or entitled to the profits.