Introduction Overview Overview Section 67: Overseas property business to be commercial or carried on for statutory functions
252.This section provides that section 66 only applies when an overseas property business is carried on on a commercial basis or in the exercise of functions conferred by or under an Act. It is based on sections 392A(5) to (7) and 392B(2) of ICTA.
253.The reference to an Act in subsection (1) includes an Act of the Scottish Parliament. See Change 6 in Annex 1.
254.Subsection (1) also refers to functions conferred by the law of a territory outside the United Kingdom. See Change 10 in Annex 1.
255.The reference to “profit” in subsection (2) is to profit in its ordinary commercial sense.