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Finance (No. 2) Act 2017
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- UK Public General Acts
- 2017 c. 32
- SCHEDULE 2
- PART 2
- Paragraph 15
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15U.K.After that italic heading insert—
“271EProfits of a property business: application of trading income rules
(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.”
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