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Changes over time for: Cross Heading: Property businesses
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Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2010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Point in time view as at 06/04/2005.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.
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Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Property businessesU.K.
248 Ordinary [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 ordinary [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.
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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