§ 1.—(1) Subject to the provisions of this Schedule, for the purposes of the provisions mentioned in sub-paragraph (2) below—
- (a) the commercial letting of furnished holiday accommodation in respect of which the profits or gains are chargeable under Case VI of Schedule D shall be treated as a trade; and
- (b) all such lettings made by a particular person or partnership or body of persons shall be treated as one trade.
§ (2) The provisions mentioned in sub-paragraph (1) above are—
- (a) section 4(2) of the Taxes Act (payment of income tax in two equal instalments);
- (b) sections 168 to 175 and 177 to 178 of the Taxes Act and section 30 of the Finance Act 1978 (relief for losses);
- (c) subsection (9)(c) of section 226 of the Taxes Act (retirement annuity contracts);
- (d) subsection (1)(c) of section 530 of that Act (earned income);
- (e) Chapter 1 of Part III of the Finance Act 1971 (capital allowances);
- (f) sections 115 to 120 of the Capital Gains Tax Act 1979 (roll-over relief for replacement of business assets);
- (g) section 124 of that Act (transfer of business on retirement);
- (h) section 126 of that Act (relief for gifts of business assets);
- (i) section 136 of that Act (relief in respect of loans to traders); and
- (j) section 39 of the Finance Act 1980 (relief for pre-trading expenditure).