(1)This Chapter explains for the purposes of this Act what is meant by—
(a)a company’s UK property business (see section 205), and
(b)a company’s overseas property business (see section 206).
(2)Both those sections need to be read with—
(a)section 207 (which explains what is meant by generating income from land), and
(b)section 208 (which provides that certain activities do not count as activities for generating income from land).
(3)In the case of a property business carried on by a company as a member of a firm, the basic rules in sections 205 and 206 are explained in section 1270(2) and (3).
(4)See also section 432AA of ICTA (which qualifies the basic rules in sections 205 and 206 in the case of an insurance company).
(1)In this Act “property business” means a UK property business or an overseas property business.
(2)References in this Act to a property business are to a property business so far as any profits of the business are chargeable to tax under Chapter 3 (as to which see, in particular, the rules about territorial scope in section 5).
(3)Accordingly, nothing in Chapter 4 or 5 is to be read as treating an amount as a receipt of a property business if the profits concerned would not be chargeable to tax under Chapter 3.