Part 3 U.K. Property income

[F1 CHAPTER 7A U.K. Cash basis: adjustments for capital allowances

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

334B “Entering the cash basis” U.K.

For the purposes of this Chapter, a person carrying on a property business enters the cash basis for a tax year if the profits of the business are calculated—

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

(b) in accordance with GAAP (see section 271B) for the previous tax year.]