Section 748 — Corporation Tax Act 2009: Assets held for purposes of property business

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .