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

24 U.K. In section 311A (replacement domestic items relief), in subsection (15)—

(a) for the definition of “the capital expenditure rule” substitute—

““the capital expenditure rule” means—

(a) in relation to a property business whose profits are calculated in accordance with GAAP, section 33 (capital expenditure), as applied by section 272, and

(b) in relation to a property business whose profits are calculated on the cash basis, section 307B (cash basis: capital expenditure);”;

(b) in the definition of “the wholly and exclusively rule”—

(i) omit “the rule in”, and

(ii) after “section 272” insert “ or 272ZA ”.