Section 290: Overseas property businesses and overseas land: adaptation of rules
1024.This section sets out how the rules for United Kingdom property businesses are to be adapted to apply to overseas property businesses. It is based on section 70A of ICTA. The corresponding rule for income tax is in section 363 of ITTOIA.
1025.The section explains how to apply the UK property business rules if foreign property law does not correspond exactly with United Kingdom property law.