Part 12Real Estate Investment Trusts
Chapter 11Part 12: supplementary
Interpretation
604Property rental business: exclusion of listed business
(1)
Business of a class listed in the table in subsection (2) is not property rental business.
(2)
This is the table—
Class | Description |
|---|---|
Class 1 | Incidental letting of property (whether in the United Kingdom or elsewhere) which is held in connection with a trade in property. |
Class 2 | Letting of property which is held for use for administrative purposes in carrying on property rental business but is temporarily surplus to requirements for those purposes, so long as—
|
Class 3 | Letting of property if the property would fall in accordance with generally accepted accounting practice to be described as owner-occupied (but see subsection (3)). |
Class 4 | The provision of services in connection with property outside the United Kingdom where the services would not fall within Chapter 3 of Part 4 of CTA 2009 if provided in connection with property in the United Kingdom. |
Class 5 | Entering into arrangements which are such that a finance arrangement code (within the meaning given by section 770(2) of this Act or section 809BZM(2) of ITA 2007) applies (factoring of income etc: finance arrangements). |
(3)
For the purposes of class 3, ignore the fact that a property may fall to be described as owner-occupied merely because of the provision by the company of services to an occupant who—
(a)
is in exclusive occupation of the property, and
(b)
is not connected with a member of the group.
(4)
The Commissioners for Her Majesty's Revenue and Customs may by regulations—
(a)
add a class to the table in subsection (2),
(b)
amend a class (or provision made in relation to it) or make such provision in relation to a class as the Commissioners consider appropriate, or
(c)
remove a class from the table (or provision made in relation to it).