Part 3Property income
Chapter 3Profits of property businesses: basic rules
Calculation of profits : application of trading income rules
F1271EProfits 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 this is subject to—
(a)
section 272, which limits the rule in subsection (1) in relation to a property business whose profits are calculated in accordance with GAAP, and
(b)
section 272ZA, which limits that rule in relation to a property business whose profits are calculated on the cash basis.