Income Tax (Trading and Other Income) Act 2005

[F1 334A Spreading on leaving cash basis and related election U.K.

Sections 239A (spreading on leaving cash basis) and 239B (election to accelerate charge under section 239A) apply for the purposes of this Chapter as they apply for the purposes of Chapter 17 of Part 2, but as if—

(a) for section 239A(1) there were substituted—

“(1) This section applies if the profits of a property business are calculated—

(a) on the cash basis for a tax year (see section 271D), and

(b) in accordance with GAAP (see section 271B) for the following tax year.”, and

(b) any reference to section 239A or 239B were to the section concerned as applied by this section.]

Textual Amendments

F1 Ss. 334A-334E 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. 29