Related Commentary  

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.

748(2)  The credits are given effect by treating them as receipts of the business in calculating the profits of the business for tax purposes.

748(3)  The debits are given effect by treating them as expenses of the business in calculating the profits of the business for tax purposes.

748(4)  In subsection (1) “property business” means–

(a)an ordinary UK property business,

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