After section 329 insert—

“329AApplication of Chapter where cash basis used

This Chapter applies if—

(a)

the profits of a property business are calculated—

(i)

on the cash basis for a tax year (see section 271D), and

(ii)

in accordance with GAAP (see section 271B) for the following tax year, or

(b)

the profits of a property business are calculated—

(i)

in accordance with GAAP for a tax year, and

(ii)

on the cash basis for the following tax year.”