Part 3Property income
Chapter 3Profits of property businesses: basic rules
Calculation of profits : application of trading income rules
272F1Application of trading income rules: GAAP
F2(1)
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(2)
F3In relation to a property business whose profits are calculated in accordance with GAAP, the provisions of Part 2 (trading income) which apply as a result of section 271E(1) are limited to the following—
In Chapter 3 (basic rules)— | |
F4. . . | F4. . . |
section 26 | losses calculated on same basis as profits |
section 27 | receipts and expenses |
section 28 | items treated under CAA 2001 as receipts and expenses |
F5section 28A | money's worth |
section 29 | interest |
In Chapter 4 (rules restricting deductions)— | |
section 33 | capital expenditure |
section 34 | expenses not wholly and exclusively for trade and unconnected losses |
section 35 | bad and doubtful debts |
sections 36 and 37 | unpaid remuneration |
sections 38 to 44 | employee benefit contributions |
sections 45 to 47 | business entertainment and gifts |
sections 48 to F650B | car F7... hire |
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
section 52 | exclusion of double relief for interest |
section 53 | social security contributions |
section 54 | |
section 55 | crime-related payments |
F10section 55A | expenditure on integral features |
In Chapter 5 (rules allowing deductions)— | |
section 57 | pre-trading expenses |
sections 58 and 59 | incidental costs of obtaining finance |
F11. . . | F11. . . |
section 69 | payments for restrictive undertakings |
sections 70 and 71 | seconded employees |
section 72 | payroll deduction schemes: contributions to agents' expenses |
sections 73 to 75 | counselling and retraining expenses |
sections 76 to 80 | redundancy payments etc. |
section 81 | personal security expenses |
sections 82 to 86 | contributions to local enterprise organisations or urban regeneration companies |
F12sections 86A and 86B | contributions to flood and coastal erosion risk management projects |
sections 87 and 88 | scientific research |
sections 89 and 90 | expenses connected with patents, designs and trade marks |
section 91 | payments to Export Credits Guarantee Department |
F13section 94A | costs of setting up SAYE option scheme or CSOP scheme |
F14section 94AA | deductions in relation to salaried members of limited liability partnerships |
F15In Chapter 5A (deductions allowable at a fixed rate) | |
section 94C | exclusion of provisions of Chapter 5A for firms with partner who is not an individual |
sections 94D to 94G | expenditure on vehicles |
In Chapter 6 (receipts)— | |
section 96 | capital receipts |
section 97 | debts incurred and later released |
section 104 | distribution of assets of mutual concerns |
section 105 | industrial development grants |
section 106 | sums recovered under insurance policies etc. |
In Chapter 7 (gifts to charities etc.)— | |
section 109 | receipt by donor or connected person of benefit attributable to certain gifts |
F16In Chapter 10A (long funding leases)— | |
Sections 148A to 148J | Leases of plant or machinery: special rules for long funding leases |
In Chapter 11 (other specific trades)— | |
section 155 | levies and repayments under FISMA 2000 |
In Chapter 13 (deductions from profits)— | |
sections 188 to 191 | unremittable amounts |
(3)
In those provisions the expression “this Part” is to be read as a reference to those provisions as applied by subsection (2) and to the other provisions of Part 3.