# Income Tax (Trading and Other Income) Act 2005, Section 334B: “Entering the cash basis”


For the purposes of this Chapter, a person carrying on a property business enters the cash basis for a tax year if the profits of the business are calculated—
(a) on the cash basis for the tax year (see section 271D), and
(b) in accordance with GAAP (see section 271B) for the previous tax year.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/334B (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-334B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.