Commentary on Sections Overview Overview Section 270: Charge to tax on rent receivable in connection with a UK section 39(4) concern
969.This section applies the charge to corporation tax to rent receivable in connection with a “UK section 39(4) concern”. It is based on section 119 of ICTA. The corresponding rule for income tax is in section 335 of ITTOIA.
970.The loss regime in section 396 of ICTA applies to income charged under this Chapter and not the regime in section 392A of ICTA.
971.The charge under Schedule D Case III imposed by section 119(2) of ICTA is not rewritten. It is otiose. See Change 53 in Annex 1. This Change reproduces Change 158 in ITTOIA in relation to section 119(2) of ICTA and so brings the income and corporation tax codes back into line.