358Meaning of “overseas property income”U.K.
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In this Chapter “overseas property income”, in relation to a person to whom the remittance basis applies, means amounts which—
(a)are not brought into account in calculating the profits of any overseas property business of the person, but
(b)would be if section 269(3) (charge to tax on profits of an overseas property business of a person to whom the remittance basis applies only in respect of land in the Republic of Ireland) were omitted.
Modifications etc. (not altering text)
C1Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)