Part 3

Property income
Chapter 2

Property businesses

Introduction

Introduction
263
1
This Chapter explains for the purposes of this Act what is meant by—
a
a person’s UK property business (see section 264), and
b
a person’s overseas property business (see section 265).
2
Both those sections need to be read with—
a
section 266 (which explains what is meant by generating income from land), and
b
section 267 (which provides that certain activities do not count as activities for generating income from land).
3
In the case of the property business of a firm, the basic rules in sections 264 and 265 are explained in section 859(2) and (3).
4
References in this Act to an overseas property business are to an overseas property business so far as any profits of the business are chargeable to tax under Chapter 3 (as to which see, in particular, section 269).
5
Accordingly, nothing in Chapter 4 or 5 is to be read as treating an amount as a receipt of an overseas property business if the profits concerned would not be chargeable to tax under Chapter 3.
6
In this Act “property business” means a UK property business or an overseas property business.