Introduction Details of the Schedule Special charging rules for property income
139.Paragraph 81 amends section 270 of ITTOIA so that where an individual is carrying on an overseas property business, in the case of a split year, tax is charged only on profits of the business that arise in the UK part of the year. Apportionment of profit between the two parts of the year is to be done on a just and reasonable basis.
140.New subsection (4)(b) of section 270 introduces a rule to determine how capital allowances and balancing charges are taken into account in a split year.