Paragraph 16

(1)

Section 272 (profits of a property business: application of trading income rules) is amended as follows.

(2)

For the heading substitute “ Application of trading income rules: GAAP ”.

(3)

Omit subsection (1).

(4)

In subsection (2), for the words before the table substitute “ In relation to a property business whose profits are calculated in accordance with GAAP, the provisions of Part 2 (trading income) which apply as a result of section 271E(1) are limited to the following— ”.

(5)

In the table in subsection (2), omit the entry relating to section 25 (generally accepted accounting practice).