Taxes Consolidation Act 1997 section 75

Case V: basis of assessment

Section 75 establishes that income from rents and easements is taxable under Case V of Schedule D, treats all such income as arising from a single source, and excludes uneconomic lettings from the charge.

• Profits and gains from rents on premises and receipts from easements are taxed under Case V of Schedule D, but payments taxable under Case IV by virtue of section 104 (such as tolls, royalties, and similar periodic payments in the nature of rent) are excluded.
• All Case V income is treated as arising from a single source, removing the need to apply separate tax rules each time a new rental source is acquired or an existing one ceases.
• Case V tax is computed on the full amount of profits or gains arising within the year of assessment.
• Where the rent under a lease is insufficient, taking one year with another, to cover the lessor's obligations and expenses of maintenance, repairs, insurance, and management, the letting is treated as uneconomic and falls outside the Case V charge, meaning no deductions or loss relief apply.

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