Corporation Tax Act 2009 section 204

Meaning of "property business"

Section 204 defines the term "property business" for the purposes of the Corporation Tax Act 2009 and clarifies the scope of what counts as property business income.

• A "property business" means either a UK property business or an overseas property business — the same basic rules apply to both
• References to a property business only cover the business to the extent its profits are actually chargeable to corporation tax under Chapter 3 of this Part
• The territorial scope rules in section 5 determine which profits are chargeable, which in turn limits what qualifies as a property business
• Income cannot be treated as a receipt of a property business under Chapters 4 or 5 if the related profits would not be chargeable to tax under Chapter 3