Basic meaning of UK and overseas property businessU.K.
205UK property businessU.K.
A company's UK property business consists of—
(a)every business which the company carries on for generating income from land in the United Kingdom, and
(b)every transaction which the company enters into for that purpose otherwise than in the course of such a business.
206Overseas property businessU.K.
A company's overseas property business consists of—
(a)every business which the company carries on for generating income from land outside the United Kingdom, and
(b)every transaction which the company enters into for that purpose otherwise than in the course of such a business.