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Changes over time for: Paragraph 569


Timeline of Changes
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Status:
Point in time view as at 06/04/2005.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Paragraph 569.

Changes to Legislation
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This section has no associated Explanatory Notes
569(1)Amend section 529 (giving effect to allowances and charges) as follows.U.K.
(2)In subsection (1) for “a Schedule A business” substitute “ a UK property business, or a Schedule A business, ”.
(3)After that subsection insert—
“(1A)If the person entitled or liable to an allowance or charge for a chargeable period is within the charge to income tax in respect of the allowance or charge and he was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by treating him as if he had been carrying 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.”
(4)In subsection (2)—
(a)for the words from the beginning to “chargeable period” substitute “ If the person entitled or liable to an allowance or charge for a chargeable period is a company within the charge to corporation tax in respect of the allowance or charge and it ”,
(b)for “him” substitute “ the company ”, and
(c)for “he” substitute “ it ”.
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