Commentary on Sections Overview Chapter 1: Introduction Section 260: Overview of Part 3
1034.This section is introductory. It is new.
1035.Subsection (1) sets out the components of “property income”.
1036.Subsection (1)(a) refers to the main component. That is income from land that is taxed in the source legislation under Schedule A if it is land in the United Kingdom and under Schedule D Case V if it is foreign land. Central to the charge is the concept of the “property business”. That is discussed in more detail in the commentary on sections 264 and 265.
1037.Subsection (1)(e) refers to post-cessation receipts of a UK property business. In the source legislation they are charged under Schedule D Case VI. This Act deals with the income where it logically belongs. In this case, the income is property income.