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History

Heading substituted by F(No. 2)A 2017, s. 16 and Sch. 2, para. 16(2), with effect for the tax year 2017–18 and subsequent tax years, subject to the provisions of F(No. 2)A 2017, Sch. 2, para. 64. Former heading read “Profits of a property business: application of trading income rules”.


272(1)  [Omitted by F(No. 2)A 2017, s. 16 and Sch. 2, para. 16(3).]

272(2)  In relation to a property business whose profits are calculated in accordance with GAAP, the provisions of Part 2 (trading income) which apply as a result of section 271E(1) are limited to the following–

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