{
  "url": "https://openlegislation.uk/finance-act-2025/schedule-5/paragraph-2",
  "json_url": "https://openlegislation.uk/finance-act-2025/schedule-5/paragraph-2.json",
  "legislation": "ukpga/2025/8",
  "legislation_title": "Finance Act 2025",
  "legislation_url": "https://openlegislation.uk/finance-act-2025",
  "path": "schedule/5/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": "ITTOIA 2005",
  "text": "(1) ITTOIA 2005 is amended as follows.\n(2) In section 270 (charge on profits of property businesses), in subsection (5)—\n(a) in the definition of “CAA allowances” omit “or 250A”;\n(b) in the definition of “CAA charges”, for “either of those sections” substitute “that section”.\n(3) In section 272B (meaning of “costs of a dwelling-related loan”)—\n(a) in subsection (2) for “subsections (3) and (4)” substitute “subsection (3)”;\n(b) omit subsection (4).\n(4) In section 307B (cash basis: capital expenditure)—\n(a) in subsections (6) and (7), omit “ordinary”;\n(b) in subsection (8), for paragraph (a) substitute—\n“(a) “residential property” means land consisting of a dwelling-house or part of a dwelling-house in relation to which a UK property business or an overseas property business is carried on in the tax year, and”;\n(c) omit subsections (9) and (19).\n(5) In section 307E (cash basis: capital receipts)—\n(a) in subsection (20)(a) for “sections 248 to 250A” substitute “sections 248 and 250”;\n(b) in subsection (22)(a), for “section 15(1)(b) to (da)” substitute “section 15(1)(b) or (d)”.\n(6) In section 311A (replacement domestic items relief)—\n(a) in subsection (6), for “subsections (7) and (8)” substitute “subsection (8)”;\n(b) omit subsection (7).\n(7) In section 313 (restrictions on relief), omit subsection (3).\n(8) Omit Chapter 6 of Part 3 (which defines “the commercial letting of furnished holiday accommodation”).\n(9) In section 334C (unrelieved qualifying expenditure)—\n(a) in subsection (1)(b), for “a relevant property business activity” substitute “the property business”;\n(b) in subsection (3), for “each relevant property business activity” substitute “the property business”;\n(c) in subsection (6), omit the definition of “relevant property business activity”.\n(10) In Part 2 of Schedule 4 (index of defined expressions), omit the entry for “commercial letting of furnished holiday accommodation (for purposes of Chapter 6 of Part 3)”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2025/8/schedule/5/paragraph/2",
    "retrieved_at": "2026-10-29T08:47:01.939707+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."
}