Income Tax (Trading and Other Income) Act 2005 section 260

Overview of Part 3

Section 260 provides an introductory overview of the various income tax charges on property income covered by Part 3 of the Act.

• Part 3 charges income tax on profits from a property business, adjustment income, rent from a UK section 12(4) concern, rent for UK electric-line wayleaves, and post-cessation receipts from a UK property business
• Certain exemptions from these charges exist under Part 6 of the Act, including exemptions for housing grants, VAT repayment supplements, and incentives for using electronic communications
• The charges apply to both UK residents and non-UK residents, although non-UK residents are only taxed on income arising from UK sources
• This section must be read alongside the priority rules set out elsewhere in the Act, which determine how overlapping tax charges are resolved