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Capital Allowances Act 2001

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529 Giving effect to allowances and chargesU.K.

This section has no associated Explanatory Notes

(1)If a person who is entitled or liable to an allowance or charge for a chargeable period was carrying on [F1a UK property businessF2... ] 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(1A) If the person entitled or liable to an allowance or charge for a chargeable periodF4... was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by [F5treating 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.]

F6(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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)

F2Words in s. 529(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 515(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F3S. 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)

F4Words in s. 529(1A) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 515(3)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F5Words in s. 529(1A) 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. 515(3)(b) (with Sch. 2 Pts. 1, 2)

F6S. 529(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 515(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

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