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Finance Act 2016, Section 74 is up to date with all changes known to be in force on or before 14 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

74Property business deductions: wear and tear allowanceU.K.

(1)In Part 3 of ITTOIA 2005 (property income)—

(a)omit sections 308A to 308C and the italic heading before section 308A (wear and tear allowance), and

(b)in section 327 (capital allowances and loss relief: UK property business), in subsection (2), omit paragraph (c) and the “or” before that paragraph.

(2)The amendments made by subsection (1) have effect for the tax year 2016-17 and subsequent tax years.

(3)In Part 4 of CTA 2009 (property income)—

(a)omit sections 248A to 248C of CTA 2009 and the italic heading before section 248A (wear and tear allowance), and

(b)in section 269 (capital allowances and loss relief: UK property business), in subsection (2), omit paragraph (c) and the “or” before that paragraph.

(4)The amendments made by subsection (3) have effect in relation to accounting periods beginning on or after 1 April 2016.

(5)For the purposes of subsection (3), where a company has an accounting period beginning before 1 April 2016 and ending on or after that date (“the straddling period”)—

(a)so much of the straddling period as falls before 1 April 2016, and so much of that period as falls on or after that date, are treated as separate accounting periods, and

(b)any amounts brought into account for the purposes of calculating for corporation tax purposes the profits of a property business for the straddling period are apportioned to the two separate accounting periods in accordance with section 1172 of CTA 2010 (time basis) or, if that method produces a result that is unjust or unreasonable, on a just and reasonable basis.

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