(1)In calculating the profits of a property business which consists of or includes a furnished letting—
(a)any sum payable for the use of furniture is brought into account as a receipt, and
(b)a deduction is allowed for expenses incurred in connection with the provision of furniture.
(2)But subsection (1) does not apply to receipts or expenses brought into account in calculating the profits of a trade which consists of, or involves, making furniture available for use in premises.
(3)A furnished letting is a lease or other arrangement under which—
(a)a sum is payable in respect of the use of premises, and
(b)the person entitled to the use of the premises is also entitled, in connection with that use, to the use of furniture.
(4)In this section—
(a)“premises” includes a caravan and a houseboat, and
(b)“sum” includes the value of any consideration.