Part 4Loss relief
Chapter 4Losses from property businesses
Furnished holiday accommodation
127UK furnished holiday lettings business treated as trade
C11
This section applies if, in a tax year, a person carries on a UK furnished holiday lettings business.
C12
“UK furnished holiday lettings business” means a UK property business which consists of, or so far as it includes, the commercial letting of furnished holiday accommodation (within the meaning of Chapter 6 of Part 3 of ITTOIA 2005).
C13
For the purposes of this Part (but as modified below) the person is treated instead as carrying on in the tax year a single trade—
a
which consists of every commercial letting of furnished holiday accommodation comprised in the person's UK furnished holiday lettings business, and
b
the profits of which are chargeable to income tax.
F23A
Chapter 2 applies as if sections 64 to 82 and 89 to 95 were omitted.
7
If there is a letting of accommodation only part of which is furnished holiday accommodation, just and reasonable apportionments are to be made for the purpose of determining what is comprised in the trade treated as carried on.
127ZAF1EEA furnished holiday lettings business treated as trade
1
This section applies if, in a tax year, a person carries on an EEA furnished holiday lettings business.
2
“EEA furnished holiday lettings business” means an overseas property business which consists of, or so far as it includes, the commercial letting of furnished holiday accommodation (within the meaning of Chapter 6 of Part 3 of ITTOIA 2005) in one or more EEA states.
3
For the purposes of this Part (but as modified below) the person is treated instead as carrying on in the tax year a single trade—
a
which consists of every commercial letting of furnished holiday accommodation comprised in the person's EEA furnished holiday lettings business, and
b
the profits of which are chargeable to income tax.
4
Chapter 2 applies as if sections 64 to 82 and 89 to 95 were omitted.
5
If there is a letting of accommodation only part of which is furnished holiday accommodation, just and reasonable apportionments are to be made for the purpose of determining what is comprised in the trade treated as carried on.