# Income Tax (Trading and Other Income) Act 2005, Section 271E: Profits of a property business: application of trading income rules

Extent: E+W+S+N.I.

(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.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/271E (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-271E
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.