Capital Allowances Act 2001 section 270CB

Property businesses

Section 270CB defines the property business terms used elsewhere in the structures and buildings allowances provisions, specifically clarifying what counts as an ordinary UK or overseas property business for the purposes of qualifying activities.

• The terms "ordinary UK property business" and "ordinary overseas property business" take their meaning from definitions found elsewhere in the Capital Allowances Act 2001.
• An ordinary UK property business covers holding, managing or developing land in the UK, but excludes dealing in land or property purely for profit on disposal.
• An ordinary overseas property business covers the same activities but in relation to land outside the UK, with the same exclusion for dealing with a view to profit on disposal.
• These definitions determine whether a person carrying on a property business can qualify for structures and buildings allowances on eligible expenditure.