Income Tax (Trading and Other Income) Act 2005 section 349

Charge to tax on post-cessation receipts

Section 349 establishes that income tax is charged on post-cessation receipts arising from a UK property business.

• Income tax applies to receipts that arise after a UK property business has ceased trading.
• The charge covers amounts that relate to the former property business but are received after it has stopped.
• The provision ensures that income connected to the business is not left untaxed simply because the business has come to an end.
• This section forms part of the broader framework for taxing post-cessation income under the property income rules.