Part 4Loss relief
C2Chapter 4Property losses
Overseas property businesses
67AF1EEAC1 furnished holiday lettings business treated as trade
1
This section applies if a company carries on an EEA furnished holiday lettings business.
2
“ EEA furnished holiday lettings business ” means an overseas property business so far as it consists of the commercial letting of furnished holiday accommodation (within the meaning of Chapter 6 of Part 4 of CTA 2009) in one or more EEA states.
3
For the purposes of this Part (but as modified below) the company is treated as carrying on a single trade—
a
which consists of every commercial letting of furnished holiday accommodation comprised in the company's EEA furnished holiday lettings business, and
b
in relation to which the profits of which are chargeable to corporation tax under Chapter 2 of Part 3 of CTA 2009.
4
Sections 66 and 67 apply in relation to the company's overseas property business as if the lettings mentioned in subsection (3)(a) were not included in it.
F25
Chapter 2 applies as if the following were omitted—
a
sections 37 to 44,
b
the words “beginning before 1 April 2017” in section 45(1),
c
sections 45A to 45H, and
d
sections 48 to 54.
5A
Any deduction made under section 45(4)(b) from the profits of the trade treated as carried on under this section is to be ignored for the purposes of section 269ZB (restriction on deductions from trading profits).
6
If there is a letting of accommodation only part of which is furnished holiday accommodation, just and reasonable apportionments are to be made for the purpose of determining what is comprised in the trade treated as carried on.
Pt. 4 Ch. 4 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 87(2)(3) (with s. 147, Sch. 17)