Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 3: Property income

Chapter 2: Property businesses
Section 263: Introduction

1043.This section introduces the Chapter and provides a “road map” to the key provisions. It is new.

1044.Chapter 2 sets out the key concepts underlying the main component of income within this Part of this Act by defining “property business” and “generating income from land”.