Paragraph 504

(1)

Amend section 392 (UK property business and Schedule A business) as follows.

(2)

In subsection (2) omit “, or a Schedule A business,”.

(3)

In subsection (2A)—

(a)

omit the words from “is within” to “and he”, and

(b)

for “treating him as if he had been carrying on” substitute “ treating the person as having carried on ”.

(4)

Omit subsection (3).

(5)

For the title substitute “ UK property businesses ”.