Section 392 UK property businessesF7

United Kingdom

(1)

This section applies if a person who is entitled or liable to an allowance or charge for a chargeable period was not carrying on a trade in that period.

(2)

If the person was carrying on F1a UK property business F2... at any time in that period, the allowance or charge is to be given effect in calculating the profits of that business, by treating—

(a)

the allowance as an expense of that business, and

(b)

the charge as a receipt of that business.

F3(2A)

If the personF4... was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by F5treating the person as having carried on such a business in that period and as if—

(a)

the allowance were an expense of that business, and

(b)

the charge were a receipt of that business.

F6(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in s. 392(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(2) (with Sch. 2)
F2: Words in s. 392(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(2), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F3: S. 392(2A) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 558(3) (with Sch. 2)
F4: Words in s. 392(2A) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(3)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F5: Words in s. 392(2A) 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. 504(3)(b) (with Sch. 2 Pts. 1, 2)
F6: S. 392(3) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 504(4), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F7: S. 392 heading 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. 504(5) (with Sch. 2 Pts. 1, 2)

Notes on Part 4

Textual amendments

F1: Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)

Modifications

C1: Pt. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)

Notes on Chapter 6

Textual amendments

F1: Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)

Notes on Giving effect to allowances and charges

Textual amendments

F1: Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)