Part 3Property income
Chapter 7Adjustment income
Adjustment on change of basis
F1329AApplication of Chapter where cash basis used
This Chapter applies if—
(a)
the profits of a property business are calculated—
(i)
on the cash basis for a tax year (see section 271D), and
(ii)
in accordance with GAAP (see section 271B) for the following tax year, or
(b)
the profits of a property business are calculated—
(i)
in accordance with GAAP for a tax year, and
(ii)
on the cash basis for the following tax year.