16(1)Section 272 (profits of a property business: application of trading income rules) is amended as follows.
(2)For the heading substitute “Application of trading income rules: GAAP”.
(3)Omit subsection (1).
(4)In subsection (2), for the words before the table substitute “In relation to a property business whose profits are calculated in accordance with GAAP, the provisions of Part 2 (trading income) which apply as a result of section 271E(1) are limited to the following—”.
(5)In the table in subsection (2), omit the entry relating to section 25 (generally accepted accounting practice).