51(1)This paragraph applies if any profits or losses arising out of land in the case of any concern specified in section 55(2) of ICTA—U.K.
(a)arose in the tax year 2004-05, and
(b)were calculated for that tax year otherwise than by reference to a basis period.
(2)For the purpose of determining the basis period for the tax year 2005-06 and subsequent tax years, the concern is treated as if it were a trade which was started to be carried on by a person on 6th April 2005.
(3)Paragraph 48 of this Schedule applies in relation to any case to which this paragraph applies as if references to a basis period for a tax year (an “earlier tax year”) before the tax year 2005-06 were references to that earlier tax year.