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Version Superseded: 01/04/2009
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There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 529.
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(1)If a person who is entitled or liable to an allowance or charge for a chargeable period was carrying on [F1a 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.
[F2(1A) 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.
Textual Amendments
F1Words in s. 529(1) 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. 569(2) (with Sch. 2)
F2S. 529(1A) 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. 569(3) (with Sch. 2)
F3Words in s. 529(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. 569(4)(a) (with Sch. 2)
F4Words in s. 529(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. 569(4)(b) (with Sch. 2)
F5Word in s. 529(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. 569(4)(c) (with Sch. 2)
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