Income Tax (Trading and Other Income) Act 2005

322 Introduction U.K.

(1) This Chapter explains for the purposes of this Part what is meant by the commercial letting of furnished holiday accommodation (see sections 323 to 326).

(2) It matters whether a UK property business consists of or includes the commercial letting of furnished holiday accommodation for the purposes of—

(a) section 312 (deduction for expenditure on energy-saving items: see section 313(3)),

(b) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) certain provisions of TCGA 1992 (see section 241 of that Act),

(e) CAA 2001 (see, for example, sections 248 and 249 of that Act),

[F2 (f) section 189(2)(ba) of FA 2004 (meaning of “relevant UK earnings” for pension purposes),

(g) Part 4 of ITA 2007 (loss relief: see section 127 of that Act), and

(h) section 836(3) of ITA 2007 (jointly held property: see exception D).]

(3) This Chapter also supplements the above provisions by providing in certain circumstances for the profits of the furnished holiday lettings part of a UK property business to be calculated separately (see sections 327 and 328).

Textual Amendments

F1 S. 322(2)(b)(c) repealed (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, 1034, Sch. 1 para. 508(a), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

F2 S. 322(2)(f)-(h) substituted for s. 322(2)(f) and preceding word (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. {1 para. 508(b)} (with transitional provisions and savings in Sch. 2)