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Income Tax (Trading and Other Income) Act 2005
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Changes over time for: Section 308C
Version Superseded: 15/09/2016
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- 01/04/2011- Amendment
- 01/04/2011
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[F1308CEffect of wear and tear allowance electionU.K.
This section has no associated Explanatory Notes
(1)This section applies where a person (“P”) makes a wear and tear allowance election that has effect in relation to a property business (“the property business”) for a tax year (“the tax year”).
(2)In calculating the profits of the property business for the tax year—
(a)a wear and tear allowance is allowed as a deduction, and
(b)no deduction is allowed—
(i)whether under section 68 or otherwise, for expenses incurred on replacing or altering any tool (within the meaning of subsection (3) of that section), so far as the expenses are within subsection (6), or
(ii)whether under section 308 or otherwise, for expenses incurred in connection with the provision of furniture, so far as the expenses are within subsection (6).
(3)The amount of the wear and tear allowance is 10% of the relevant rental amount.
(4)In subsection (3) “the relevant rental amount” means—
(a)the sum of the amounts brought into account as receipts by P in calculating the profits of the property business, so far as the receipts are within subsection (6), less
(b)the sum of any amounts brought into account as relevant expenses by P in calculating the profits of the property business, so far as the expenses are within subsection (6).
(5)In subsection (4)(b) “relevant expenses” means expenses in relation to utilities, council tax or anything else the cost of which is, in the case of a furnished letting, normally borne by the lessee.
(6)Receipts or expenses are within this subsection so far as they are attributable to a dwelling-house that is subject to a furnished letting comprised in the property business, but disregarding any amounts that are so attributable in respect of a time at which the dwelling-house is not eligible in relation to P.
(7)Receipts and expenses are to be attributed for the purposes of subsection (6) on a just and reasonable basis.]
Textual Amendments
F1Ss. 308A-308C and cross-heading inserted (with effect in accordance with art. 13(1) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 11(2)
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