Part 4Property income
Chapter 10Supplementary
Priority rules
287Provisions which must be given priority over this Part
Any receipt or other credit item, so far as it falls within—
a
Chapter 3 of this Part so far as it relates to an overseas property business or Chapter 7 or 8 of this Part (rent receivable in connection with a UK section 39(4) concern or for UK electric-line wayleaves), and
b
Chapter 2 of Part 3 (receipts of a trade),
is dealt with under Part 3.
288Priority between Chapters within this Part
1
Any receipt, so far as it falls within—
a
Chapter 3 so far as it relates to a UK property business, and
b
Chapter 7 (rent receivable in connection with a UK section 39(4) concern),
is dealt with under Chapter 7.
2
Any receipt, so far as it falls within—
a
Chapter 3 so far as it relates to a UK property business, and
b
Chapter 8 (rent receivable for UK electric-line wayleaves),
is dealt with under Chapter 8.
3
Any receipt, so far as it falls within Chapter 7 (rent receivable in connection with a UK section 39(4) concern) and Chapter 8 (rent receivable for UK electric-line wayleaves), is dealt with under Chapter 8.
Other supplementary provisions
289Effect of company starting or ceasing to be within charge to corporation tax
1
This section applies if a company starts or ceases to be within the charge to corporation tax in respect of a 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 ceasing to carry on the business when it ceases to be within the charge.
290Overseas property businesses and overseas land: adaptation of rules
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.
291Meaning of “lease” and “premises”
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.