This is the original version (as it was originally enacted).
38(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.
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