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Capital Allowances Act 2001

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Changes over time for: Cross Heading: Property businesses

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Version Superseded: 01/04/2010

Status:

Point in time view as at 06/04/2005.

Changes to legislation:

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

Property businessesU.K.

248 Ordinary [F1property] businessesU.K.

If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is an ordinary [F2property] business, the allowance or charge is to be given effect in calculating the profits of that business, by treating—

(a)the allowance as an expense of that business, and

(b)the charge as a receipt of that business.

Textual Amendments

249 Furnished holiday lettings businessesU.K.

(1)If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is a furnished holiday lettings business, the allowance or charge is to be given effect in calculating the profits of that business, by treating—

(a)the allowance as an expense of that business, and

(b)the charge as a receipt of that business.

(2)Section 503 of ICTA (letting of furnished holiday accommodation treated as trade for purposes of loss relief rules, etc.) applies to profits calculated in accordance with subsection (1).

250 Overseas property businessesU.K.

If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is an overseas property business, the allowance or charge is to be given effect in calculating the profits of that business, by treating—

(a)the allowance as an expense of that business, and

(b)the charge as a receipt of that business.

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