351(1)  Tax is charged under this Chapter on the full amount of the receipts received in the tax year.

351(2)  This is subject to–

(a)sections 254 and 255 (allowable deductions), and

(b)section 257 (election to carry back),

which apply for the purposes of this Chapter as they apply for the purposes of Chapter 18 of Part 2 (but as if any reference to a trade were to a UK property business).

351(3)  Further to subsection (2), section 254 applies for the purposes of this Chapter as if for subsection (2A) of that section there were substituted–

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