C1Part 2 Plant and machinery allowances
Annotations:
Modifications etc. (not altering text)
Chapter 19 Giving effect to allowances and charges
Property businesses
249 Furnished holiday lettings businesses
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).
Pt. 2 (ss. 11-270) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 12 (with para. 17(1))