[F1271EProfits of a property business: application of trading income rulesU.K.
This section has no associated Explanatory Notes
(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.]
Textual Amendments
F1S. 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