Finance (No. 2) Act 2017 (c. 32)

SCHEDULES

SCHEDULE 2 U.K. Trades and property businesses: calculation of profits

PART 2 U.K. Property businesses: amendments of ITTOIA 2005

15 U.K. After that italic heading insert—

“271E Profits 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.”