Part 10 Assured tenancy allowances
Chapter 8 Supplementary provisions
529 Giving effect to allowances and charges
1
If a person who is entitled or liable to an allowance or charge for a chargeable period 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.
F11A
If the person entitled or liable to an allowance or charge for a chargeable period 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.
2
F3If the person entitled or liable to an allowance or charge for a chargeable period is 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 F4the company as if F5it 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.