307E Capital receipts under, or after leaving, cash basis

307E(1) This section applies in relation to a property business carried on by a person in two cases–

(a)Case 1 (see subsections (2) to (4)), and

(b)Case 2 (see subsections (5) to (8)).

307E(2) Case 1 is a case in which conditions A and B are met.

307E(3) Condition A is that the person receives disposal proceeds or a capital refund in relation to an asset in a tax year for which the profits of the property business are calculated on the cash basis (see section 271D).

For the meaning of “disposal proceeds” and “capital refund” see subsections (9) and (10).

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