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Corporation Tax Act 2010

Section 64: UK property business to be commercial or carried on for statutory functions

243.This section provides that sections 62 and 63 only apply when a UK property business is carried on on a commercial basis or in the exercise of functions conferred by or under an Act. It is based on section 392A(5) to (7) of ICTA.

244.The reference to an Act in subsection (1) includes an Act of the Scottish Parliament. See Change 6 in Annex 1.

245.The reference to “profit” in subsection (2) is to profit in its ordinary commercial sense.

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