Section 605 — Corporation Tax Act 2010: Property rental business: exclusion of business producing listed income

Property rental business: exclusion of business producing listed income 605 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— 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, or a 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).