# Corporation Tax Act 2009, Section 748: Assets held for purposes of property business

Extent: E+W+S+N.I.

(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—
(a) a UK property business, or
(b) an overseas property business.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/748 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-748
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.