Related Commentary  Related HMRC Manuals

210(1)  The profits of a property business are calculated in the same way as the profits of a trade.

210(2)  But the provisions of Part 3 (trading income) which apply as a result of subsection (1) are limited to the following–

In Chapter 3 (basic rules)–
section 46 generally accepted accounting practice
section 47 losses calculated on same basis as profits
section 48 receipts and expenses
section 49A moneyʼs worth
section 52 apportionment etc of profits and losses to accounting period
In Chapter 4 (rules restricting deductions)–
section 53 capital expenditure
section 54 expenses not wholly and exclusively for trade and unconnected losses
section 55 bad debts
sections 56 to 58B car hire
section 59 patent royalties
In Chapter 5 (rules allowing deductions)–
section 61 pre-trading expenses
section 69 payments for restrictive undertakings
sections 70 and 71 seconded employees
section 72 payroll deduction schemes: contributions to agents' expenses
sections 73 to 75 counselling and retraining expenses
sections 76 to 81 redundancy payments etc
sections 82 to 86 contributions to local enterprise organisations or urban regeneration companies
sections 86A and 86B contributions to flood and coastal erosion risk management projects
sections 87 and 88 scientific research
sections 89 and 90 expenses connected with patents, designs and trade marks
section 91 payments to Export Credits Guarantee Department
section 92 levies under FISMA 2000
section 92A deductions in relation to salaried members of limited liability partnerships.
In Chapter 6 (receipts)–
section 93 capital receipts
section 94 debts incurred and later released
section 101 distribution of assets of mutual concerns
section 102 industrial development grants
section 103 sums recovered under insurance policies etc
section 104 repayments under FISMA 2000
In Chapter 7 (gifts to charities etc)–
section 108 receipt of benefits by donor or connected person
In Chapter 9 (other specific trades)–
section 131 incidental costs of issuing qualifying shares (building societies)
section 133 annual payments paid by a credit union
In Chapter 12 (deductions from profits)–
sections 172 to 175 unremittable amounts

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