Income Tax (Trading and Other Income) Act 2005 section 263

Introduction

Section 263 introduces the chapter that defines what constitutes a "property business" and "generating income from land" for income tax purposes.

• A property business is either a UK property business or an overseas property business, and each is defined separately in the following sections
• The concept of "generating income from land" is central to both definitions, and certain activities are specifically excluded from counting as generating income from land
• An overseas property business is only relevant to the extent that its profits are actually chargeable to UK income tax, and no provision elsewhere in the Act should be read as creating a taxable receipt where the profits would not otherwise be chargeable
• Where a property business is carried on by a partnership (a firm), special rules apply to how the basic definitions of UK and overseas property businesses operate