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—
[F1(a)an ordinary UK property business,
(b)a UK furnished holiday lettings business,
(c)an ordinary overseas property business, or
(d)an EEA furnished holiday lettings business.]
[F2(5)In this section—
“commercial letting of furnished holiday accommodation” has the meaning given by section 265,
“EEA furnished holiday lettings business” means an overseas property business so far as it consists of the commercial letting of furnished holiday accommodation in one or more EEA states,
“ordinary overseas property business” means an overseas property business except so far as it is an EEA furnished holiday lettings business,
“ordinary UK property business” means a UK property business except so far as it is a UK furnished holiday lettings business, and
“UK furnished holiday lettings business” means a UK property business so far as it consists of the commercial letting of furnished holiday accommodation.]
Textual Amendments
F1S. 748(4)(a)-(d) substituted (19.7.2011) for s. 748(4)(a)-(c) (with effect in accordance with Sch. 14 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 7(8)(a)
F2S. 748(5) substituted (19.7.2011) (with effect in accordance with Sch. 14 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 7(8)(b)