Part 10 Assured tenancy allowances
Chapter 8 Supplementary provisions
529 Giving effect to allowances and charges
1
If a person who is entitled or liable to an allowance or charge for a chargeable period was carrying on F2a UK property businessF3... 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.
F11A
If the person entitled or liable to an allowance or charge for a chargeable periodF4... 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.
F62
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