Finance Act 2019 (c. 1)

SCHEDULES

SCHEDULE 5 U.K. Non-UK resident companies carrying on UK property businesses etc

Modifications etc. (not altering text)

C1 Sch. 5 modified (22.7.2020) by Finance Act 2020 (c. 14), Sch. 6 para. 10

PART 1 U.K. Extension of scope of charge

3 U.K. After subsection (3) insert—

“(3A) A non-UK resident company which carries on a UK property business is chargeable to corporation tax on income on all its profits that are—

(a) profits of that business, or

(b) profits arising from loan relationships or derivative contracts that the company is a party to for the purposes of that business.

(3B) A non-UK resident company which has other UK property income is chargeable to corporation tax on income on all its profits that—

(a) consist of that income, or

(b) are profits arising from loan relationships or derivative contracts that the company is a party to for the purposes of enabling it to generate that income.”

Commencement Information

I1 Sch. 5 para. 3 in force at 6.4.2020, see Sch. 5 para. 35