Section 605 | Property rental business: exclusion of business producing listed income

From legislation.gov.uk

(1)Business is not property rental business so far as it gives rise to income of a class listed in the table in subsection (2).

(1A)But see section 549A which treats income falling within class 7 of the table as profits of property rental business.

(2)This is the table—

Table
Class	Description
Class 1	All income in connection with the operation of a caravan site, if section 20(1) of ITTOIA 2005 (caravan sites) would apply in respect of any receipts in connection with the operation of the site.
Class 2	Rent in respect of an electric-line wayleave.
Class 3	Rent in respect of the siting of a pipeline for gas.
Class 4	Rent in respect of the siting of a pipeline for oil.
Class 5	Rent in respect of the siting of a mast or similar structure designed for use in a mobile telephone network or other system of electronic communication.
Class 6	Rent in respect of the siting of a wind turbine.
Class 7	Dividends from shares in—the principal company of a group UK REIT, ora company UK REIT.
Class 8	Income arising out of an interest in a limited liability partnership where section 1273(4) of CTA 2009 (winding up) applies.

(2A)The reference in class 7 of the table in subsection (2) to dividends from shares includes share capital issued in lieu of a cash dividend (and the reference in subsection (1) to income is to be read accordingly).

(2B)Section 1051(2) to (4) (meaning of “share capital issued in lieu of a cash dividend”) applies for the purposes of subsection (2A) as it applies for the purposes of section 1049(1)(a).

(3)The Commissioners for Her Majesty's Revenue and Customs may by regulations—

(a)add a class to the table in subsection (2),

(b)amend a class (or provision made in relation to it) or make such provision in relation to a class as the Commissioners consider appropriate, or

(c)remove a class from the table (or provision made in relation to it).