Part 3

Industrial buildings allowances
Chapter 11

Giving effect to allowances and charges

Trades
352
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.