Part 12Real Estate Investment Trusts
Chapter 1Introduction
Key concepts
519“Property rental business”
1
In this Part “property rental business” means—
a
UK property business (within the meaning given by section 205 of CTA 2009), and
b
overseas property business (within the meaning given by section 206 of that Act).
2
For the purposes of subsection (1) ignore the effect of section 42(2) of CTA 2009 (which provides for receipts and expenses in connection with tied premises to be treated as part of a trade and not as part of a property business).
3
The definition of “property rental business” is subject to—
a
section 598(3) (which provides that certain lettings of property by a joint venture company or a member of a joint venture group are not property rental business),
b
section 604 (which provides that business of a specified class is not property rental business), and
c
section 605 (which provides that business giving rise to income of a specified class is not property rental business).
4
Business carried on by a non-UK company which is a member of a group is property rental business for the purposes of this Part if the business would be property rental business if carried on by a UK company.