58. Post-Cessation Receipts. | Taxation Law | LexisNexis

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58. Post-cessation receipts.

Tax is charged on post-cessation receipts arising from a UK property business in so far as the receipt is not otherwise chargeable to income tax or corporation tax¹. 'Post-cessation receipt' means a sum which is received after a person permanently ceases to carry on a UK property business, and which arises from the carrying on of the business before the cessation

(3) Income From Real Property

26. Income from real property: overview.

27. Annual tax on enveloped dwellings.

28. Meaning of 'rent' and 'other receipts'.

29. Rents received in connection with mines, quarries and similar concerns.

30. Rent receivable for electric-line wayleaves.

31. Activities not for generating income from land.

32. Furnished lettings.

33. Rent-a-room relief.

34. Persons chargeable.

35. In general.

36. Non-resident landlord income.

37. Calculation of tax.

38. Returns, payment and certificate of liability.

39. Gross payment to certain non-residents.

40. Deductions from premiums and rent received.

41. Limit on reductions and deductions.

42. Expenditure on making sea walls and by landlords on energy-saving items.

43. Replacement domestic items relief.

44. Premiums.

45. Work done by lessees.

46. Payments in lieu of rent or on surrender.

47. Payments on variation or waiver.

48. Sums paid by instalments.

49. Presumption of payment by way of premium.

50. Reverse premiums.

51. Assignment of lease granted at an undervalue.

52. Reduction in amounts taxable as premiums.

53. Deductions from premiums and rents received.

54. Rules for ascertaining the effective duration of leases.

55. Sale with right to reconveyance.

56. Date of reconveyance not fixed.

57. Sale and leaseback transactions.

58. Post-cessation receipts.

59. Nature of item apportioned on sale of estate or interest in land.

60. Woodlands.

61. Profits of a property business.

62. Transactions in UK land.

63. Restriction of payments connected with transferred land.

64. Grant of new lease after assignment or surrender.

65. Treatment of leased trading assets.

66. Leased assets: receipt of capital sums.

67. Determinations; right of appeal.