PART 6A

Income charged under this Act: trading and property allowances
CHAPTER 2

Property allowance

Basic definitions

“Relievable receipts” of a property business
783BB
1
For the purposes of this Chapter, the “relievable receipts” of an individual's relevant property business for a tax year are all the amounts which would, apart from this Chapter, be brought into account as a receipt in calculating the profits of the business for the tax year.
This is subject to subsections (2) and (3).
2
If—
a
the individual qualifies for rent-a-room relief for the tax year, and
b
the individual has rent-a-room receipts for the tax year which would, apart from Chapter 1 of Part 7, be brought into account in calculating the profits of the property business,
the rent-a-room receipts are not relievable receipts of the business.
3
Non-relievable balancing charges in respect of the property business for the tax year are not relievable receipts of the business.
4
In subsection (3) “non-relievable balancing charges”, in respect of a property business for a tax year, means balancing charges falling to be made for the tax year under Part 2 of
CAA
2001 which do not relate to a business or transaction which is carried on, or entered into, for the purpose of generating receipts which are relievable receipts of the property business.
Pt. 6A inserted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 1