Related Commentary  

307C(1)  Section 307D applies in calculating the profits of a property business for a tax year if conditions A to D are met.

307C(2)  Condition A is that the profits of the business are calculated on the cash basis for the tax year.

307C(3)  Condition B is that a deduction for costs of a loan is allowed in calculating the profits of the business for the tax year or, ignoring section 272A (restricting deductions for finance costs related to residential property) and section 307D (cash basis: modification of deduction for costs of loans), would be so allowed.

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