The method of giving effect, in calculating the profits of a qualifying activity1, to an allowance or charge to which a person is entitled for a chargeable period2 depends on the nature of that activity, as follows:
(1) if the qualifying activity is a trade3, by treating the allowance as an expense of the trade and the charge as a receipt of the trade4;
(2) if the qualifying activity is an ordinary UK property business5, by treating the allowance as an expense of that business and the charge as a receipt of that business6;
(3) if the qualifying activity
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234