248 Ordinary [F1UK] [F2property] 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 [F3UK] [F4property] 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
F1Word in s. 248 heading inserted (with effect in accordance with Sch. 14 para. 13 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 12(11)(a)
F2 Word in s. 248 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 546(b) (with Sch. 2 )
F3Word in s. 248 inserted (with effect in accordance with Sch. 14 para. 13 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 12(11)(b)
F4 Word in s. 248 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 546(a) (with Sch. 2 )