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.
Sch. 5 modified (22.7.2020) by Finance Act 2020 (c. 14), Sch. 6 para. 10