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Capital Allowances Act 2001
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Changes over time for: Section 392
Version Superseded: 01/04/2009
Alternative versions:
- 22/03/2001- Amendment
- 06/04/2005- Amendment
- 14/08/2007
Point in time - 21/07/2008- Amendment
- 01/04/2009- Amendment
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Point in time view as at 14/08/2007. This version of this provision has been superseded.
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392[F1UK property and Schedule A] businessesU.K.
This section has no associated Explanatory Notes
(1)This section applies if a person who is entitled or liable to an allowance or charge for a chargeable period was not carrying on a trade in that period.
(2)If the person was carrying on [F2a UK property business, or a Schedule A business,] at any time in that period, 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.
[F3(2A) If the person is within the charge to income tax in respect of the allowance or charge and he was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by treating him as if he had been carrying on such a business in that period and as if—
(a)the allowance were an expense of that business, and
(b)the charge were a receipt of that business.]
(3)If the person [F4is a company within the charge to corporation tax in respect of the allowance or charge and it] was not carrying on a Schedule A business at any time in that period, the allowance or charge is to be given effect by treating [F5the company] as if [F6it] had been carrying on such a business in that period and as if—
(a)the allowance were an expense of that business, and
(b)the charge were a receipt of that business.
Textual Amendments
F1Words in s. 392 substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(5) (with Sch. 2)
F2Words in s. 392(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(2) (with Sch. 2)
F3S. 392(2A) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(3) (with Sch. 2)
F4Words in s. 392(3) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(4)(a) (with Sch. 2)
F5Words in s. 392(3) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(4)(b) (with Sch. 2)
F6Word in s. 392(3) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(4)(c) (with Sch. 2)
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