UUÂãÁÄÖ±²¥

Type of property business

For income tax purposes, rental profits from land and buildings are categorised as either:

1. •

   a UK property business, or

2. •

   an overseas property business (see the Overseas property business for individuals guidance note)

ITTOIA 2005, ss 264–265

England, Wales, Scotland and Northern Ireland make up the countries of the UK. The Isle of Man and the Channel Islands are treated as overseas for the purposes of the legislation.

This means that UK rental profits are pooled together and reported as one business and overseas rental profits are pooled together and reported as one business.

The