SCHEDULES

SCHEDULE 1Consequential amendments

Part 2Other enactments

Capital Allowances Act 2001 (c. 2)

528

1

Amend section 17 (furnished holiday lettings businesses) as follows.

2

In subsection (1) for “a Schedule A business in so far” to the end substitute “ a UK property business, or a Schedule A business, which consists in, or so far as it consists in, the commercial letting of furnished holiday accommodation ”.

3

For subsection (3) substitute—

3

For the purposes of income tax the “commercial letting of furnished holiday accommodation” has the same meaning as it has for the purposes of Chapter 6 of Part 3 of ITTOIA 2005.

For the purposes of corporation tax the “commercial letting of furnished holiday accommodation” has the meaning given by section 504 of ICTA.