Related Commentary  

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

In Chapter 3 (basic rules)–

section 26

losses calculated on same basis as profits

section 28A

moneyʼs worth

section 29

interest

In Chapter 4 (rules restricting deductions)–

section 34

expenses not wholly and exclusively for trade and unconnected losses

sections 38 to 42 and 44

employee benefit contributions

sections 45 to 47

business entertainment and gifts

section 52

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