A building or structure is to be treated, for the purposes of this Part, as being used for the purposes of F2a UK property business or F3an overseas property business during any period in respect of which subsection (2) applies.

This subsection applies in relation to a building or structure if the person with the relevant interest is entitled, under the terms of a lease or otherwise, to rents, or other receipts, in respect of the building or structure of such amounts as may reasonably have been expected to have been payable if the transaction had been between persons dealing with each other at arm’s length in the open market.

For the purposes of this section, “rents” and “other receipts” have the same meaning as in section 266 of ITTOIA 2005.