Part 4Property income

Chapter 3Profits of property businesses: basic rules

Calculation of profits

212Items treated as receipts and expenses

The rules for calculating the profits of a property business need to be read with—

a

the provisions of CAA 2001 which treat allowances as expenses of a property business,

b

the provisions of CAA 2001 which treat charges as receipts of a property business, and

c

section 748 (credits and debits in respect of an intangible fixed asset held by a company for the purposes of a property business carried on by it treated as receipts and expenses of the business).