SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 4Property income
Apportionment of profits or losses to tax years before tax year 2005-06
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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.