Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 3 U.K. Property income

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

[F1 Cash basis: application of Chapter U.K.

Textual Amendments

F1 Ss. 307A-307F and cross-headings inserted (16.11.2017) (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 23

307A Cash basis: application of Chapter U.K.

(1) The following provisions of this Chapter apply only where the profits of a property business are calculated on the cash basis—

(a) section 307B (cash basis: capital expenditure),

(b) section 307C (cash basis: deduction for costs of loans), and

(c) section 307D (cash basis: modification of deduction for costs of loans).

(2) Sections 307E and 307F make provision about capital receipts in certain cases where the profits of a property business are calculated on the cash basis or have previously been calculated on the cash basis.]