Part 3 U.K. Property income

Chapter 7 U.K. Adjustment income

Adjustment on change of basis U.K.

[F1 329A Application of Chapter where cash basis used U.K.

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.]

Textual Amendments

F1 S. 329A 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. 27