C2F3Part 4 Agricultural buildings allowances
Pt. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)
Chapter 6 Supplementary provisions
Giving effect to allowances and charges
392F8UK property businesses
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 F4... 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.
F12A
If the personF5... was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by F6treating the person as having carried 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.
F73
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Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)