328 Relevant UK earnings for pension [F1 purposes: UK property business ] U.K.
(1)If a UK property business consists of both—
(a)the commercial letting of furnished holiday accommodation (“the furnished holiday lettings part”), and
(b)other businesses or transactions,
this section requires a separate calculation to be made of the profits of the furnished holiday lettings part.
(2)The calculation must be made if the profits of the furnished holiday lettings part are [F2relevant UK earnings within section 189(2)(ba) of FA 2004.]
(3)If there is a letting of accommodation only part of which is holiday accommodation, such apportionments are to be made for the purposes of this section as are just and reasonable.
Textual Amendments
F1Words in s. 328 heading substituted (with effect in accordance with Sch. 14 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 2(7)
F2Words in s. 328(2) substituted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 510(2) (with transitional provisions and savings in Sch. 2)