# Finance (No. 2) Act 2017, 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).

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Source: https://www.legislation.gov.uk/ukpga/2017/32/schedule/2/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2017/schedule-2/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.