Part 4Property income
Chapter 3Profits of property businesses: basic rules
Calculation of profits
210Profits of a property business: application of trading income rules
1
The profits of a property business are calculated in the same way as the profits of a trade.
2
But the provisions of Part 3 (trading income) which apply as a result of subsection (1) are limited to the following—
In Chapter 3 (basic rules)— | |
|---|---|
section 46 | generally accepted accounting practice |
section 47 | losses calculated on same basis as profits |
section 48 | receipts and expenses |
F3section 49A | money's worth |
section 52 | apportionment etc of profits and losses to accounting period |
In Chapter 4 (rules restricting deductions)— | |
section 53 | capital expenditure |
section 54 | expenses not wholly and exclusively for trade and unconnected losses |
section 55 | bad debts |
sections 56 to F258B | car F4... hire |
section 59 | patent royalties |
In Chapter 5 (rules allowing deductions)— | |
section 61 | pre-trading expenses |
F5. . . | F5. . . |
section 69 | payments for restrictive undertakings |
sections 70 and 71 | seconded employees |
section 72 | payroll deduction schemes: contributions to agents' expenses |
sections 73 to 75 | counselling and retraining expenses |
sections 76 to 81 | redundancy payments etc |
sections 82 to 86 | contributions to local enterprise organisations or urban regeneration companies |
F1sections 86A and 86B | contributions to flood and coastal erosion risk management projects |
sections 87 and 88 | scientific research |
sections 89 and 90 | expenses connected with patents, designs and trade marks |
section 91 | payments to Export Credits Guarantee Department |
section 92 | levies under FISMA 2000 |
F6section 92A | deductions in relation to salaried members of limited liability partnerships |
In Chapter 6 (receipts)— | |
section 93 | capital receipts |
section 94 | debts incurred and later released |
section 101 | distribution of assets of mutual concerns |
section 102 | industrial development grants |
section 103 | sums recovered under insurance policies etc |
section 104 | repayments under FISMA 2000 |
In Chapter 7 (gifts to charities etc)— | |
section 108 | receipt of benefits by donor or connected person |
In Chapter 9 (other specific trades)— | |
section 131 | incidental costs of issuing qualifying shares (building societies) |
section 133 | annual payments paid by a credit union |
In Chapter 12 (deductions from profits)— | |
sections 172 to 175 | unremittable amounts |