For accounting periods ending on or before 31 March 2009, a company’s overseas income was generally assessable under Sch. D, Case V. Specifically, the charge to tax under Sch. D, Case V applied to ‘income arising from possessions out of the United Kingdom’, except employment income, pension income or social security income chargeable under the Income Tax (Earnings and Pensions) Act 2003 (ICTA 1988, s. 18(3)). This included income from a trade carried on wholly abroad (see ¶702-900), and income from property (other than securities) situated abroad. It did not include tax in respect of any income falling within Sch. D, Case III as it applied to companies.
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