SCHEDULE 1Consequential amendments
Part 2Other enactments
Capital Allowances Act 2001 (c. 2)
569
(1)
Amend section 529 (giving effect to allowances and charges) as follows.
(2)
In subsection (1) for “a Schedule A business” substitute “a UK property business, or a Schedule A business,”.
(3)
“(1A)
If the person entitled or liable to an allowance or charge for a chargeable period is within the charge to income tax in respect of the allowance or charge and he was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by treating him as if he had been carrying on such a business in that period and as if—
(a)
the allowance were an expense of that business, and
(b)
the charge were a receipt of that business.”
(4)
In subsection (2)—
(a)
for the words from the beginning to “chargeable period” substitute “If the person entitled or liable to an allowance or charge for a chargeable period is a company within the charge to corporation tax in respect of the allowance or charge and it”,
(b)
for “him” substitute “the company”, and
(c)
for “he” substitute “it”.