Section 392 | UK property businesses

(1)This section applies if a person who is entitled or liable to an allowance or charge for a chargeable period was not carrying on a trade in that period.

(2)If the person was carrying on a UK property business ... at any time in that period, the allowance or charge is to be given effect in calculating the profits of that business, by treating—^F1F2

(a)the allowance as an expense of that business, and

(b)the charge as a receipt of that business.

(2A)If the person... was not carrying on a UK property business at any time in that period, the allowance or charge is to be given effect by treating the person as having carried on such a business in that period and as if—^F3F4F5

(a)the allowance were an expense of that business, and^F3

(b)the charge were a receipt of that business.^F3

(3)Repealed^F6