SCHEDULES
C1C2SCHEDULE 29Gains and losses of a company from intangible fixed assets
Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
Part 6How credits and debits are given effect
32Asset held for purposes of property business
1
Credits and debits to be brought into account in any accounting period in respect of an asset held by the company for the purposes of a property business carried on by it in that period are given effect by treating—
a
credits as receipts of the business, and
b
debits as expenses of the business,
in computing the profits of the business for tax purposes.
2
A “property business” means—
a
an ordinary Schedule A business,
b
a furnished holiday lettings business, or
c
an overseas property business.
3
In this paragraph—
“ordinary Schedule A business” means a Schedule A business except in so far as it is a furnished holiday lettings business; and
“furnished holiday lettings business” means a Schedule A business in so far as it consists of the commercial letting of furnished holiday accommodation (as defined in section 504 of the Taxes Act 1988) in the United Kingdom.
4
Section 503 of the Taxes Act 1988 (letting of furnished holiday accommodation treated as separate, single trade) applies for the purposes of this Schedule.
Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6