A1.132 Property income

A1.132 Property income

Income and expenses from all UK property owned by a person are aggregated as the results of a UK property business. Similar calculations are made in respect of a person's overseas property income and expenditure.

The charge encompasses income exploiting an estate, interest or right in or over land as a source of rents or other receipts1.

Trading income rules are adopted for the computation of profits2, although the charge to tax in respect of property income remains distinct from the charge on profits from trades.

The charge applies expressly to payments for a licence to occupy or use the

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial