26. Income from real property: overview.

Tax is charged on the profits1 of a UK property business2 or an overseas property business3, certain rents receivable4, and the post-cessation receipts5 of a UK property business6.

Every property business carried on or entered into by a firm constitutes the firm's property business, but such a business or transaction is not included in any property business of any partner in the firm7.

The rules relating to mutual business do not apply to a property business, so that receipts and expenses must be brought into account in calculating the profits of a person's property business even if a relationship of mutuality