Part I Main Charging Provisions
Finance Act 1998 (1998 c 36) | Legislation

SCHEDULE 5 Rent and other Receipts from Land

Section 38(1)

Part I Main Charging Provisions

1

In section 15(1) of the Taxes Act 1988 (the Schedule A charge), for Schedule A substitute—

“SCHEDULE A
1

(1)     Tax is charged under this Schedule on the annual profits arising from a business carried on for the exploitation, as a source of rents or other receipts, of any estate, interest or rights in or over land in the United Kingdom.

(2)     To the extent that any transaction is entered into for the exploitation, as a source of rents or other receipts, of any estate, interest or rights in or over land in the United Kingdom, it is taken to be entered into in the course of such a business.

(3)     All businesses and transactions carried on or entered into by a particular person or partnership, so far as they are businesses or transactions the profits of which are chargeable to tax under this Schedule, are treated for the purposes of this Schedule as, or as entered into in the course of carrying on, a single business.

There are qualifications to this rule in the case of—

(a)     companies not resident

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