27U.K.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.”