Public infrastructureU.K.
15(1)Section 436 (meaning of “qualifying infrastructure activity”) is amended as follows.
(2)In subsection (5), for paragraphs (a) and (b) substitute—
“(a)the building or part is, or is to be, let on a short-term basis —
(i)within a UK property business carried on by the company, or another member of the worldwide group of which it is a member at that time, and
(ii)to persons who, at that time, are not related parties of the company or member.”
(3)After subsection (5) insert—
“(5A)But a building, or part of a building, is not a public infrastructure asset in relation to a company at a particular time if, were the building or part to be disposed of at that time, profits arising from the disposal would be charged to corporation tax as profits of a trade.”