The main property income charge is levied on the profits of a ‘property business’ which subdivides into either a ‘UK property business’ or an ‘overseas property business’.

(CTA 2009, Pt. 4, Ch. 2)

The charge to corporation tax then applies to the profits of such a ‘property business’.

(CTA 2009, s. 209)

UK and overseas property business

The scope of the term ‘property business’ is intended to have the same range and scope as its predecessor term ‘Sch. A business’. The terms ‘UK property business’ and ‘overseas property business’ share the same essential definition:

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