Paragraph 24

for the definition of “the capital expenditure rule” substitute—

““the capital expenditure rule” means—

(a)

in relation to a property business whose profits are calculated in accordance with GAAP, section 33 (capital expenditure), as applied by section 272, and

(b)

in relation to a property business whose profits are calculated on the cash basis, section 307B (cash basis: capital expenditure);”;

in the definition of “the wholly and exclusively rule”—