Income tax and corporation tax are charged on any business which exploits rights over land in the UK to produce rents or other receipts. Moreover, to the extent that any transaction is entered into for exploiting, as a source of rents or other receipts, any such estate, etc. the transaction is deemed to have been entered into in the course of such a business. Thus, a ‘receipt’ (see below) from a one-off or casual letting which may lack the degree of organisation usually associated with a business may be chargeable.

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