Part 3 U.K.Property income

Chapter 10 U.K.Post-cessation receipts

Modifications etc. (not altering text)

C1 Pt. 3 Ch. 10 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 2(4)(a)

Meaning of “post-cessation receipts” U.K.

354 Other rules about what counts as a “post-cessation receipt” U.K.

(1) Section 355 (transfer of rights if transferee does not carry on UK property business) treats certain amounts as being, or not being, post-cessation receipts for the purposes of this Chapter.

(2) The following provisions (which treat certain amounts as post-cessation receipts) apply for the purposes of this Chapter as they apply for the purposes of Chapter 18 of Part 2 (but as if any reference to a trade were to a UK property business)—

• section 82(6) (contributions to local enterprise organisations or urban regeneration companies),

• section 104(3) (distribution of assets of mutual concerns),

• section 109(2) (receipt by donor or connected person of benefit attributable to certain gifts),

• section 248 (debts paid after cessation) [F1 (reading the reference in subsection (3) to section 96 of ITA 2007 as a reference to section 125 of that Act)] ,

• section 249 (debts released after cessation), as qualified, where appropriate, by section 48(4) (car F2 ... hire), and

• section 250 (receipts relating to post-cessation expenditure) [F3 (reading the reference in subsection (1) to section 96 of ITA 2007 as a reference to section 125 of that Act)] .

(3) This Chapter also needs to be read with—

(a) section 310(3) (which treats certain amounts as not being post-cessation receipts), and

(b) section 844 (which treats certain income as a post-cessation receipt: unremittable income).

Textual Amendments

F1 Words in s. 354(2) inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 512(a) (with transitional provisions and savings in Sch. 2)

F2 Words in s. 354(2) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 43

F3 Words in s. 354(2) inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 512(b) (with transitional provisions and savings in Sch. 2)

Modifications etc. (not altering text)

C2 Ss. 353-368 modified (7.4.2005) by Finance Act 2005 (c. 7), s. 51(2)