SCHEDULES

C1SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

Annotations:
Modifications etc. (not altering text)

PART 3Commencement and transitional provisions

Transitional provisions

I138

1

This paragraph applies if—

a

in the tax year 2019-20 a non-UK resident company is a partner in a firm which—

i

carries on a trade, and

ii

has untaxed income or relievable losses from a UK property business, and

b

accordingly, the company is treated under section 854 of ITTOIA 2005 as having a notional business for the tax year.

2

The basis period for the notional business for the tax year is taken to end with 5th April in that tax year (if it would not otherwise do so).

3

In this paragraph “untaxed income” has the meaning given by section 854(6) of ITTOIA 2005.