555(1)Amend section 353 (lessors and licensors) as follows.
(2)In subsection (2) for “a Schedule A business” substitute “a UK property business, or a Schedule A business,”.
(3)After subsection (3) insert—
“(3A)If the person is within the charge to income tax in respect of the allowance or charge and his interest in the building is not an asset of any property business carried on by him at any time in the relevant period, the allowance or charge is to be given effect by treating him as if he had been carrying on a UK property 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.”
(4)In subsection (4)—
(a)for “the person's” substitute “the person is a company within the charge to corporation tax in respect of the allowance or charge and its”,
(b)for “him”, in the first place where it occurs, substitute “it”,
(c)for “him”, in the second place where it occurs, substitute “the company”, and
(d)for “he” substitute “it”.