Section 282 | Basic meaning of “post-cessation receipt”

(1)In this Chapter “post-cessation receipt” means a sum—

(a)which is received after a person permanently ceases to carry on a UK property business, and

(b)which arises from the carrying on of the business before the cessation.

(2)In this Chapter, except in section 284, references to a UK property business include one within the charge to income tax and references to a person permanently ceasing to carry on a UK property business include—

(a)in the case of a company, the occurrence of an event treated under section 362 of ITTOIA 2005 (company starting or ceasing to be within charge to income tax) as the company permanently ceasing to carry on the business, and

(b)in the case of a UK property business carried on by a person in partnership, the occurrence of an event treated under section 353(3) of ITTOIA 2005 (basic meaning of “post-cessation receipt”) as the person permanently ceasing to carry on the business.