Corporation Tax Act 2009 section 203

Overview of Chapter

Section 203 introduces the chapter on property businesses and provides a roadmap to the key definitions and provisions that underpin how property income is taxed for corporation tax purposes.

• The chapter defines what constitutes a company's UK property business and its overseas property business, which are the two fundamental categories of property business for corporation tax.
• These definitions must be read alongside the rules explaining what "generating income from land" means, and the rules setting out which activities do not count as generating income from land.
• Where a company carries on a property business as a member of a partnership (firm), separate provisions modify the basic rules to address the partnership context.
• Additional modifications apply to insurance companies, where the basic property business rules are qualified for the purposes of the investment income less expenses (I minus E) taxation regime.