6.4.1 A property business includes ‘every business’ carried on for generating income from land
There are, in fact, two categories of property business – a UK property business, which defines the investor’s UK property activities, and an overseas property business for properties that are located outside the UK. For each category, a property business is defined as being:
•every business which the person carries on from generating income from land; and
•every transaction entered into for that purpose otherwise than in the course of the business.