Corporation Tax Act 2009 section 282

Basic meaning of "post-cessation receipt"

Section 282 defines what counts as a "post-cessation receipt" for the purposes of taxing sums received after a UK property business has permanently ceased.

• A post-cessation receipt is any sum received after a person permanently stops carrying on a UK property business, where that sum arises from the business activities before cessation.
• The definition of a UK property business for this chapter includes businesses within the charge to income tax, not just corporation tax.
• For a company, permanent cessation includes situations where the company starts or ceases to be within the charge to income tax, which is treated as a deemed cessation of the business.
• For a person carrying on a UK property business in partnership, certain events are also treated as the person permanently ceasing to carry on the business.