(1)This section applies if there is a change—
(a)in the trustees of a trust, or
(b)in the personal representatives of a person,
at a time when they are carrying on a property business.
(2)For income tax purposes, the change does not result in—
(a)any of the trustees or personal representatives before the change permanently ceasing to carry on the business, or
(b)any of the trustees or personal representatives after the change starting to carry on the business.
Modifications etc. (not altering text)
C1Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)
(1)This section applies if a company starts or ceases to be within the charge to income tax under Chapter 3 of this Part in respect of a UK property business.
(2)The company is treated for the purposes of this Part—
(a)as starting to carry on the business when it starts to be within the charge, or
(b)as permanently ceasing to carry on the business when it ceases to be within the charge.
Modifications etc. (not altering text)
C2Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)
(1)This section applies if a provision of this Part—
(a)applies to an overseas property business or land outside the United Kingdom, but
(b)is expressed by reference to a domestic concept of law.
(2)In relation to that business or land, the provision is to be read so as to produce the result most closely corresponding with that produced by the provision in relation to a UK property business or land in the United Kingdom.
Modifications etc. (not altering text)
C3Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)
(1)In this Part “lease” includes—
(a)an agreement for a lease (so far as the context permits), and
(b)any tenancy,
but does not include a mortgage.
(2)In this Part “premises” includes land.
Modifications etc. (not altering text)
C4Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)