Legislative basis of charge on property income

The ‘new’ Sch. A was introduced for income tax purposes from 6 April 1995 and for corporation tax purposes from 1 April 1998 (FA 1995, s. 39(1)). This introduced the concept of a ‘Schedule A business’. In short, this was a ‘business carried on for the exploitation, as a source of rents or other receipts, of any estate, interest or rights in or over land in the United Kingdom’ (FA 1995, Sch. 6, para. 28); overseas property was subject to assessment under Sch. D, Case V (see ¶702-750ff. for commentary on the schedular system).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.