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.