SCHEDULES

SCHEDULE 2Transitionals and savings etc.

Part 4Property income

Apportionment of profits or losses to tax years before tax year 2005-06

62

1

This paragraph applies if—

a

a period of account of a property business begins before 6th April 2005 and ends on or after that date, and

b

in order to arrive at the profits or losses of a tax year before the tax year 2005-06 it is necessary to apportion the profits or losses of the period of account to any part of that period falling in a tax year before the tax year 2005-06.

2

The profits or losses of the period of account—

a

are calculated in accordance with Part 3 of this Act (and therefore, to that extent, that Part has effect for tax years before the tax year 2005-06), and

b

may be apportioned in accordance with section 275 to any part of the period of account falling in a tax year before the tax year 2005-06.