Valid from 01/04/2009
748Assets held for purposes of property businessU.K.
(1)This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a property business carried on by it in that period.
(2)The credits are given effect by treating them as receipts of the business in calculating the profits of the business for tax purposes.
(3)The debits are given effect by treating them as expenses of the business in calculating the profits of the business for tax purposes.
(4)In subsection (1) “property business” means—
(a)an ordinary property business,
(b)a furnished holiday lettings business, or
(c)an overseas property business.
(5)In this section—
“commercial letting of furnished holiday accommodation” has the meaning given by section 265,
“ordinary property business” means a UK property business except so far as it is a furnished holiday lettings business, and
“furnished holiday lettings business” means a UK property business so far as it consists of the commercial letting of furnished holiday accommodation in the United Kingdom.