Part III Dwelling-houses Let on Assured Tenancies
92 Manner of making allowances and charges.
F1A1
For the purposes of income tax any allowance or charge made to or on any person under this Part shall be made to or on him in taxing his trade—
a
as if any Schedule A business carried on by that person were the trade in the taxing of which the allowance or charge were to be made; or
b
where that person is not carrying on such a business, as if he were carrying on such a business and that business were the trade in the taxing of which the allowance or charge is to be made;
and this Act shall have effect in each case as if the Schedule A business which is deemed to be a trade for the purposes of this subsection were a trade set up and commenced on or after 6th April 1995.
1
F2For the purposes of corporation tax any allowance under this Part shall be made to a person by way of discharge or repayment of tax and shall be available primarily against the following income, that is to say—
a
income taxed under Schedule A in respect of any premises which at any time in the chargeable period consist of a qualifying dwelling-house; or
b
income which is the subject of a balancing charge under this Part.
2
F3For the purposes of corporation tax effect shall be given to a balancing charge to be made on a person—
F4a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
F5..., by treating the amount on which the charge is to be made as income of the description in subsection (1)(a) above.