Part 3

Property income
Chapter 7

Adjustment income

Adjustment on change of basis

Application of Chapter
329
1
This Chapter applies if—
a
a person carrying on a UK property business changes, from one period of account to the next, the basis on which profits of the business are calculated for income tax purposes,
b
the old basis accorded with the law or practice applicable in relation to the period of account before the change, and
c
the new basis accords with the law and practice applicable in relation to the period of account after the change.
2
The practice applicable in any case means the accepted practice in cases of that description as to how profits of a UK property business should be calculated for income tax purposes.
3
Subsections (3) to (6) of section 227 (what is meant by a person changing the basis on which profits are calculated) apply for the purposes of this section as they apply for the purposes of that section (but as if any reference to a trade were to a UK property business).