Point in time view as at 06/04/2024.
Capital Allowances Act 2001, Section 392 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(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 F3... ] 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.
[F4(2A) 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.]
F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 392 heading substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(5) (with Sch. 2 Pts. 1, 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)
F3Words in s. 392(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F4S. 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)
F5Words in s. 392(2A) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(3)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F6Words in s. 392(2A) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(3)(b) (with Sch. 2 Pts. 1, 2)
F7S. 392(3) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
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