Section 210 Profits of a property business: application of trading income rules
United Kingdom
The profits of a property business are calculated in the same way as the profits of a trade.
But the provisions of Part 3 (trading income) which apply as a result of subsection (1) are limited to the following—
| In Chapter 3 (basic rules)— | |
|---|---|
| section 46 | generally accepted accounting practice |
| section 47 | losses calculated on same basis as profits |
| section 48 | receipts and expenses |
| F1section 49A | money's worth |
| section 52 | apportionment etc of profits and losses to accounting period |
| In Chapter 4 (rules restricting deductions)— | |
| section 53 | capital expenditure |
| section 54 | expenses not wholly and exclusively for trade and unconnected losses |
| section 55 | bad debts |
| sections 56 to F258B | car F3... hire |
| section 59 | patent royalties |
| In Chapter 5 (rules allowing deductions)— | |
| section 61 | pre-trading expenses |
| F4. . . | . . . |
| section 69 | payments for restrictive undertakings |
| sections 70 and 71 | seconded employees |
| section 72 | payroll deduction schemes: contributions to agents' expenses |
| sections 73 to 75 | counselling and retraining expenses |
| sections 76 to 81 | redundancy payments etc |
| sections 82 to 86 | contributions to local enterprise organisations or urban regeneration companies |
| F5sections 86A and 86B | contributions to flood and coastal erosion risk management projects |
| sections 87 and 88 | scientific research |
| sections 89 and 90 | expenses connected with patents, designs and trade marks |
| section 91 | payments to Export Credits Guarantee Department |
| section 92 | levies under FISMA 2000 |
| F6section 92A | deductions in relation to salaried members of limited liability partnerships |
| In Chapter 6 (receipts)— | |
| section 93 | capital receipts |
| section 94 | debts incurred and later released |
| section 101 | distribution of assets of mutual concerns |
| section 102 | industrial development grants |
| section 103 | sums recovered under insurance policies etc |
| section 104 | repayments under FISMA 2000 |
| In Chapter 7 (gifts to charities etc)— | |
| section 108 | receipt of benefits by donor or connected person |
| In Chapter 9 (other specific trades)— | |
| section 131 | incidental costs of issuing qualifying shares (building societies) |
| section 133 | annual payments paid by a credit union |
| In Chapter 12 (deductions from profits)— | |
| sections 172 to 175 | unremittable amounts |
Annotations
Textual amendments
- F1
Words in s. 210(2) table inserted (with effect in accordance with s. 71(7) of the amending Act) by Finance Act 2016 (c. 24), s. 71(6)
- F2
Figure in s. 210(2) substituted (with effect in accordance with Sch. 11 paras. 65-67 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 11 para. 52(a)
- F3
Words in s. 210(2) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the commencing Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 52(b)
- F4
Words in s. 210(2) table omitted (with effect in accordance with s. 72(4)(5) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 72(3)
- F5
Words in s. 210(2) table inserted (with effect in accordance with Sch. 5 para. 9 of the amending Act) by Finance Act 2015 (c. 11), Sch. 5 para. 4
- F6
Words in s. 210(2) table inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 17 paras. 4(3), 6