Part 4

Loss relief
Chapter 4

Property losses

UK property businesses

UK property business to be commercial or carried on for statutory functions
64
1
Sections 62 and 63 apply to a UK property business only so far as it is carried on—
a
on a commercial basis, or
b
in the exercise of functions conferred by or under an Act (including an Act of the Scottish Parliament).
2
A business (or part) is not carried on on a commercial basis unless it is carried on with a view to making a profit or so as to afford a reasonable expectation of making a profit.
3
If during an accounting period there is a change in the way in which a business (or part) is carried on, it is treated as having been carried on throughout that period in the way in which it is being carried on by the end of that period.