TCGA92/S271(1) specifies the location of several types of asset:

Land and buildings (TCGA92/S275(1)(a))

Land and buildings are located in the country where they are found. This applies to all rights and interests in the land and buildings. It will therefore apply to leases of land, tenancies etc.

Chattels (TCGA92/S275(1)(b))

Items of tangible moveable property (chattels) are located where they are found at any point in time. This applies to all rights and interests over such assets also. Therefore a lease of a chattel can change from being located in the UK to being located elsewhere if the chattel is removed from the UK to another country.

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