Section 252 Mines, transport undertakings etc.
United Kingdom
If the qualifying activity of a person who is entitled or liable to an allowance or charge for a chargeable period is a concern listed in F1section 12(4) of ITTOIA 2005 or F2section 39(4) of CTA 2009 (mines, transport undertakings etc.) the allowance or charge is to be given effect in calculating the profits of the concern under F3Chapter 2 of Part 2 of ITTOIA 2005 or, as the case may be, under Case I of Schedule D, by treating—
the allowance as an expense of the concern, and
the charge as a receipt of the concern.
Annotations
Textual amendments
- F1
Words in s. 252 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 547(a) (with Sch. 2 )
- F2
Words in s. 252 substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 490 (with Sch. 2 Pts. 1, 2)
- F3
Words in s. 252 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5) , s. 883(1) , Sch. 1 para. 547(b) (with Sch. 2 )