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Part3Property Income Chapter 1
Introduction260Overview of Part 3

(1)    This Part imposes charges to income tax under—

(a)    Chapter 3 (the profits of a UK property business or an overseas property business),

(b)    Chapter 7 (amounts treated as adjustment income under section 330),

(c)    Chapter 8 (rent receivable in connection with a UK section 12(4) concern),

(d)    Chapter 9 (rent receivable for UK electric-line wayleaves),

(e)    Chapter 10 (post-cessation receipts arising from a UK property business), and

(f)    Chapter 11 (overseas property income of a person to whom the remittance basis applies).

(2)    Part 6 deals with exemptions from the charges under this Part.

(3)    See, in particular, the exemptions under sections 769 (housing grants), 777 (VAT repayment supplements) and 778 (incentives to use electronic communications).

(4)    The charges under Chapters 3, 7, 8, 9 and 10 apply to non-UK residents as well as UK residents but this is subject to section 269 (charges on non-UK residents only on UK source income).

(5)    This section needs to be read with the relevant priority rules (see sections 2 and 261).

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Priorities99 Income Tax Allowances, Deductions & Reliefs94 Property Taxes95 Company Law & Business Entities92 Trusts & Trustees99 Equity & Trusts99 Companies & Corporate Bodies92 Property Income95 Income Tax95 Banking & Finance Law99 Trading Income92 Real Property Law95 Administration & Collection of Income Tax96 Tax Law95 Lending & Security99 Exempt Income93 Personal Taxes95

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