195(1)Amend section 503 (letting of furnished holiday accommodation treated as a trade for certain purposes) as follows.U.K.
(2)In subsection (1)—
(a)for “specified in subsection (2)” substitute “ of Chapter 2 of Part 10 (loss relief for corporation tax) ”,
(b)omit “in the United Kingdom”,
(c)after “chargeable to” insert “ corporation ”, and
(d)for “particular person or partnership or body of persons” substitute “ particular company or partnership ”.
(3)Omit subsections (2) and (3).
(4)In subsection (5)—
(a)for “Part X” substitute “ Chapter 2 of Part 10 ”, and
(b)after “other provision of the” insert “ Corporation ”.
(5)In the side-note after “certain” insert “ corporation tax ”.