Part 4Property income

Chapter 5Profits of property businesses: other rules about receipts and deductions

Mutual business

260Mutual business

1

Nothing in this Part is to be read as applying the rules relating to mutual business to property businesses.

2

Accordingly, receipts and expenses are to be brought into account in calculating the profits of a company's property business even if a relationship of mutuality exists between that company and another person.

3

Nothing in this section affects the operation of section 488 of ICTA (co-operative housing associations).