Valid from 06/04/2005
Charge to tax on profits of a property businessU.K.
268Charge to tax on profits of a property businessU.K.
Income tax is charged on the profits of a property business.
269Territorial scope of charge to taxU.K.
(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 chargedU.K.
(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 liableU.K.
The person liable for any tax charged under this Chapter is the person receiving or entitled to the profits.