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The Tax Credits (Definition and Calculation of Income) Regulations 2002
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CHAPTER 8Property income
Property income
11.—(1) In these Regulations “property income” means the annual taxable profits arising from a business carried on for the exploitation, as a source of rents or other receipts, of any estate, interest or rights in or over land in the United Kingdom.
Expressions which are used in this paragraph which are defined in section 15 of the Taxes Act(1) for the purposes of that section bear the same meaning here as they bear in that section.
This paragraph is subject to the following qualification.
(2) In calculating property income there shall be disregarded any profits or gains—
(a)treated as nil by paragraph 9 of Schedule 10 to the Finance (No. 2) Act 1992(2); or
(b)excluded from profits or gains by paragraph 11 of that Schedule(3).
(1)
Section 15 was partly repealed by Part 5 of Schedule 14 to the Finance Act 1988 (c. 39), amended by paragraphs 1 and 2 of Schedule 5 to the Finance Act 1998 (c. 16).
(2)
Paragraph 9 was amended, for chargeable periods ending after 5th April 2001, by paragraph 86(1) and (2) of Schedule 2 to the Capital Allowances Act 2001 (c. 2).
(3)
Paragraph 11 was amended, for chargeable periods ending after 5th April 2001, by paragraph 86(3) of Schedule 2 to the Capital Allowances Act 2001.
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