Related Commentary  Related HMRC Manuals

270(1)  Tax is charged under this Chapter on the full amount of the profits arising in the tax year.

270(2)  Subsection (1) is subject to Part 8 (foreign income: special rules).

270(3)  If, as respects an individual carrying on an overseas property business, the tax year is a split year–

(a)tax is charged under this Chapter on so much of the profits referred to in subsection (1) as arise in the UK part of the tax year, and

(b)the portion of the profits arising in the overseas part of the tax year is, accordingly, not chargeable to tax under this Chapter.

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