[F2503 Letting of furnished holiday accommodation treated as a trade for certain [F1corporation tax] purposes.U.K.
(1)For the purposes [F3of Chapter 2 of Part 10 (loss relief for corporation tax)]—
(a)a Schedule A business which consists in, or so far as it consists in, the commercial letting of furnished holiday accommodation F4. . . shall be treated as if it were a trade the profits of which are chargeable to [F5corporation] tax under Case I of Schedule D, and
(b)all such lettings made by a [F6particular company or partnership] shall be treated as one trade.
The “commercial letting of furnished holiday accommodation” is defined below in section 504.
(2)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Where there is a letting of accommodation only part of which is holiday accommodation, such apportionments shall be made for the purposes of this section as are just and reasonable.
(5)Relief shall not be given for the same loss, or the same portion of a loss, both under a provision of [F8Chapter 2 of Part 10] as applied by this section and under any other provision of the [F9Corporation] Tax Acts.]
Textual Amendments
F1Words in s. 503 sidenote inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(5) (with Sch. 2)
F2S. 503 substituted (with effect in accordance with s. 38(2)(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 42 (with Sch. 5 para. 73)
F3Words in s. 503(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(2)(a) (with Sch. 2)
F4Words in s. 503(1)(a) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(2)(b), Sch. 3 (with Sch. 2)
F5Word in s. 503(1)(a) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(2)(c) (with Sch. 2)
F6Words in s. 503(1)(b) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(2)(d) (with Sch. 2)
F7S. 503(2)(3) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(3), Sch. 3 (with Sch. 2)
F8Words in s. 503(5) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(4)(a) (with Sch. 2)
F9Word in s. 503(5) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 195(4)(b) (with Sch. 2)
Modifications etc. (not altering text)
C1S. 503 applied (with effect in accordance with s. 579 of the affecting Act) by Capital Allowances Act 2001 (c. 2), s. 249(2) (with Sch. 3 paras. 54, 55)
C2S. 503 applied (with effect in accordance with Sch. 29 Pt. 14 of the affecting Act) by Finance Act 2002 (c. 23), Sch. 29 para. 32(4)