Basic meaning of UK and overseas property businessU.K.
264UK property businessU.K.
A person's UK property business consists of—
(a)every business which the person carries on for generating income from land in the United Kingdom, and
(b)every transaction which the person enters into for that purpose otherwise than in the course of such a business.
265Overseas property businessU.K.
A person's overseas property business consists of—
(a)every business which the person carries on for generating income from land outside the United Kingdom, and
(b)every transaction which the person enters into for that purpose otherwise than in the course of such a business.