PART 6A

Income charged under this Act: trading and property allowances
CHAPTER 2

Property allowance

Basic definitions

“Relevant property business” of an individual
783BA
1
Subject to subsection (3), for the purposes of this Chapter an individual's property business is a “relevant property business” for a tax year if the business is not a rent-a-room property business in relation to the individual for the tax year.
2
For the purposes of subsection (1) a property business is a “
rent-a-room property business
” in relation to an individual for a tax year if—
a
the individual qualifies for rent-a-room relief for the tax year, and
b
all the receipts which would, apart from Chapter 1 of Part 7 (rent-a-room relief), be brought into account in calculating the profits of the business, are rent-a-room receipts.
See section 783BQ for definitions relevant to this subsection.
3
If an individual receives—
a
property income distributions which are treated as profits of a
UK
property business by virtue of regulation 69Z18(1) or (2) of the AIF Regulations (property AIF distributions: liability to tax), or
b
distributions which are treated as profits of a
UK
property business by virtue of section 548(6) of CTA 2010 (REIT distributions: liability to tax),
that separate property business (see regulation 69Z18(6) of the AIF Regulations and section 549(5) of CTA 2010) is not a relevant property business of the individual.
4
In subsection (3) “
the AIF Regulations
” means the Authorised Investment Funds (Tax) Regulations 2006 (
S.I.
2006/964).
Pt. 6A inserted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 1