{
  "url": "https://openlegislation.uk/capital-allowances-act-2001/section-248",
  "json_url": "https://openlegislation.uk/capital-allowances-act-2001/section-248.json",
  "legislation": "ukpga/2001/2",
  "legislation_title": "Capital Allowances Act 2001",
  "legislation_url": "https://openlegislation.uk/capital-allowances-act-2001",
  "path": "section/248",
  "kind": "section",
  "number": "248",
  "heading": "...UK property businesses",
  "text": "If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is a UK property business, the allowance or charge is to be given effect in calculating the profits of that business, by treating—\n(a) the allowance as an expense of that business, and\n(b) the charge as a receipt of that business.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in s. 248 substituted (for the purposes of corporation tax, in relation to accounting periods beginning on or after 1.4.2025 and, for the purposes of income tax, in relation to periods of account beginning on or after 6.4.2025) by Finance Act 2025 (c. 8), Sch. 5 paras. 8(10)(b), 12(3) (with Sch. 5 paras. 15, 18, 19)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 248 inserted (with effect in accordance with Sch. 14 para. 13 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 12(11)(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in s. 248 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 546(a) (with Sch. 2 )"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 248 heading omitted (for the purposes of corporation tax, in relation to accounting periods beginning on or after 1.4.2025 and, for the purposes of income tax, in relation to periods of account beginning on or after 6.4.2025) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 8(10)(a), 12(3) (with Sch. 5 paras. 15, 18, 19)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word in s. 248 heading inserted (with effect in accordance with Sch. 14 para. 13 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 12(11)(a)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Word in s. 248 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 546(b) (with Sch. 2 )"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2001/2/section/248",
    "retrieved_at": "2026-10-29T09:20:17.739129+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}