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Capital Allowances Act 2001

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Changes over time for: Cross Heading: Activities analogous to trades

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Version Superseded: 01/04/2009

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Point in time view as at 06/04/2005.

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There are currently no known outstanding effects for the Capital Allowances Act 2001, Cross Heading: Activities analogous to trades. Help about Changes to Legislation

Activities analogous to tradesU.K.

251 Professions and vocationsU.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 [F1section 12(4) of ITTOIA 2005 or] section 55(2) of ICTA (mines, transport undertakings etc.) the allowance or charge is to be given effect in calculating the profits of the concern under [F2Chapter 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.

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