Capital Allowances Act 2001

[F1352 TradesU.K.

This section has no associated Explanatory Notes

(1)An allowance or charge to which a person is entitled or liable under this Part is to be given effect in calculating the profits of that person’s trade, by treating—

(a)the allowance as an expense of the trade, and

(b)the charge as a receipt of the trade.

(2)In the case of a person who—

(a)is entitled to an allowance or liable to a charge in respect of a commercial building, and

(b)occupies the building in the course of a profession or vocation,

the references in subsection (1) to a trade are to be read as references to the profession or vocation.

(3)Subsection (1) is subject to the following provisions of this Chapter.]

Textual Amendments

F1Pt. 3 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85, 86 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)