Corporation Tax Act 2009 section 290

Overseas property businesses and overseas land: adaptation of rules

Section 290 explains how the rules for UK property businesses should be adapted when they are applied to overseas property businesses, where foreign property law does not correspond exactly with UK property law.

• The section applies where a provision in this Part covers an overseas property business or land outside the UK but is expressed using a UK domestic legal concept.
• Where foreign property law does not have an exact equivalent to a UK legal concept, the provision must be read in a way that produces the closest corresponding result.
• The aim is to ensure that the tax rules work sensibly for overseas property, even though the underlying property law may differ from jurisdiction to jurisdiction.
• This adaptation rule applies across the whole of Part 4 of the Corporation Tax Act 2009 wherever overseas property businesses or overseas land are involved.