Section 203 Overview of Chapter

United Kingdom

(1)

This Chapter explains for the purposes of this Act what is meant by—

(a)

a company's UK property business (see section 205), and

(b)

a company's overseas property business (see section 206).

(2)

Both those sections need to be read with—

(a)

section 207 (which explains what is meant by generating income from land), and

(b)

section 208 (which provides that certain activities do not count as activities for generating income from land).

(3)

In the case of a property business carried on by a company as a member of a firm, the basic rules in sections 205 and 206 are explained in section 1270(2) and (3).

(4)

See also F1section 86 of FA 2012 (which qualifies the basic rules in sections 205 and 206 F2for the purpose of applying the I - E rules in relation to an insurance company).

Annotations

Textual amendments

F1: Words in s. 203(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 146(a)
F2: Words in s. 203(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 146(b)