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HMRC internal manual

Capital Allowances Manual

Plant and Machinery Allowances (PMA): introduction: overseas property business

ITA 2007/ss988, 989 (formerly ICTA88/S832)

An overseas property business is one whose profits are assessable under Part 3 of ITTOIA 2005 (property income) (formerly under Case V Schedule D (income arising from possessions outside of the UK (except that from any office or employment)) in accordance with ITTOIA/265 (formerly ICTA88/S65A) or CTA 2009/S 206 (formerly ICTA88/S70A). The same rules apply to an overseas property business as to an ordinary property business. Where a taxpayer carries on an ordinary property business and an overseas property business, PMAs are calculated and given separately on each business.