Part 8

Intangible fixed assets
Chapter 6

How credits and debits are given effect

Trading etc credits and debits

Assets held for purposes of property business
748
1
This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a property business carried on by it in that period.
2
The credits are given effect by treating them as receipts of the business in calculating the profits of the business for tax purposes.
3
The debits are given effect by treating them as expenses of the business in calculating the profits of the business for tax purposes.
4
In subsection (1), “
property business
” means—
a
a UK property business, or
b
an overseas property business.
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
S. 748(4) substituted (for the purposes of corporation tax in relation to accounting periods beginning on or after 1.4.2025) by Finance Act 2025 (c. 8), Sch. 5 paras. 5(6)(a), 12(2) (with Sch. 5 paras. 15, 18(4), 19)
S. 748(5) omitted (for the purposes of corporation tax in relation to accounting periods beginning on or after 1.4.2025) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 5(6)(b), 12(2) (with Sch. 5 paras. 15, 18(4), 19)