Part 2 Corporation Tax
Finance Act 2011 (2011 c 11) | Legislation

Part 2 Corporation Tax

CTA 2009

7

(1)     CTA 2009 is amended as follows.

(2)     In section 264 (overview of Chapter)—

(a)     after subsection (2) insert—

“(2A)     It matters whether an overseas property business consists of or includes the commercial letting of furnished holiday accommodation in one or more EEA states for the purposes of—

(a)     Chapter 4 of Part 4 of CTA 2010 (relief for property business losses: see section 67A of that Act),

(b)     certain provisions of TCGA 1992 (see section 241A of that Act), and

(c)     CAA 2001 (see, for example, sections 250 and 250A of that Act).â€,

(b)     in subsection (3), for “the above provisions†substitute “the provisions mentioned in subsection (2)â€, and

(c)     after subsection (3) insert—

“(4)     This Chapter also supplements the provisions mentioned in subsection (2A) by providing in certain circumstances for the profits of the EEA furnished holiday lettings part of an overseas property business to be calculated separately (see sections 250 and 250A).â€

(3)     In section 267 (meaning of “qualifying holiday accommodationâ€)—

(a)     in subsection (2), for “140 days†substitute “210 daysâ€, and

(b)     in subsection (3), for “70 days†substitute “105 daysâ€.

(4)     In section 268 (under-used holiday accommodation: averaging

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