Section 271E Profits of a property business: application of trading income rulesF1
United Kingdom
(1)
The profits of a property business are calculated in the same way as the profits of a trade.
(2)
But this is subject to—
(a)
section 272, which limits the rule in subsection (1) in relation to a property business whose profits are calculated in accordance with GAAP, and
(b)
section 272ZA, which limits that rule in relation to a property business whose profits are calculated on the cash basis.
Annotations
Textual amendments
- F1
S. 271E inserted (16.11.2017) (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 15
Notes on Calculation of profits : application of trading income rules
Textual amendments
- F1
Words in s. 272 cross-heading inserted (16.11.2017) (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 14