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HMRC internal manual

Capital Allowances Manual

From
HM Revenue & Customs
Updated
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General: Definitions: Property business

CAA01/S577 (1)

In the capital allowance legislation and in this manual a property business is a UK property business or Schedule A business or an overseas property business.

A UK property business is:

  • every business that a person carries on, and
  • any transaction which that person enters into,

 

for generating income from land in the UK.

A Schedule A business is a business whose profits are chargeable under Schedule A.

An overseas property business is a business whose income arises from rents etc. arising from land outside the UK.

The formal definitions are in ITTOIA Chapter 2 Part 3 (as applied by ITA/S989) (UK property business), ITA/S989 and ICTA88/S832 (1) (Schedule A business) and ICTA88/S70A (4) and ICTA88/S832 (1), ITTOIA/ Chapter 2 Part 3 (as applied by ITA/S080) (overseas property business).