Capital Allowances Act 2001

Activities analogous to trades U.K.

251 Professions and vocations U.K.

If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is carrying on a profession or vocation, the allowance or charge is to be given effect in calculating the profits or gains of that person’s profession or vocation, by treating—

(a) the allowance as an expense of the profession or vocation, and

(b) the charge as a receipt of the profession or vocation.

252 Mines, transport undertakings etc. U.K.

If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is a concern listed in [F1 section 12(4) of ITTOIA 2005 or] [F2 section 39(4) of CTA 2009] (mines, transport undertakings etc.) the allowance or charge is to be given effect in calculating the profits of the concern under [F3 Chapter 2 of Part 2 of ITTOIA 2005 or, as the case may be, under] Case I of Schedule D, by treating—

(a) the allowance as an expense of the concern, and

(b) the charge as a receipt of the concern.

Textual Amendments

F1 Words in s. 252 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 547(a) (with Sch. 2 )

F2 Words in s. 252 substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 490 (with Sch. 2 Pts. 1, 2)

F3 Words in s. 252 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 547(b) (with Sch. 2 )