Part 4Property income
Chapter 3Profits of property businesses: basic rules
Calculation of profits
212Items treated as receipts and expenses
The rules for calculating the profits of a property business need to be read with—
(a)
the provisions of CAA 2001 which treat allowances as expenses of a property business,
(b)
the provisions of CAA 2001 which treat charges as receipts of a property business, and
(c)
section 748 (credits and debits in respect of an intangible fixed asset held by a company for the purposes of a property business carried on by it treated as receipts and expenses of the business).