(1)The profits of a property business are calculated in the same way as the profits of a trade.
(2)But the provisions of Part 3 (trading income) which apply as a result of subsection (1) are limited to the following—
In Chapter 3 (basic rules)— | |
---|---|
section 46 | generally accepted accounting practice |
section 47 | losses calculated on same basis as profits |
section 48 | receipts and expenses |
section 52 | apportionment etc of profits and losses to accounting period |
In Chapter 4 (rules restricting deductions)— | |
section 53 | capital expenditure |
section 54 | expenses not wholly and exclusively for trade and unconnected losses |
section 55 | bad debts |
sections 56 to [F158B] | car F2... hire |
section 59 | patent royalties |
In Chapter 5 (rules allowing deductions)— | |
section 61 | pre-trading expenses |
section 68 | replacement and alteration of trade tools |
section 69 | payments for restrictive undertakings |
sections 70 and 71 | seconded employees |
section 72 | payroll deduction schemes: contributions to agents' expenses |
sections 73 to 75 | counselling and retraining expenses |
sections 76 to 81 | redundancy payments etc |
sections 82 to 86 | contributions to local enterprise organisations or urban regeneration companies |
sections 87 and 88 | scientific research |
sections 89 and 90 | expenses connected with patents, designs and trade marks |
section 91 | payments to Export Credits Guarantee Department |
section 92 | levies under FISMA 2000 |
In Chapter 6 (receipts)— | |
section 93 | capital receipts |
section 94 | debts incurred and later released |
section 101 | distribution of assets of mutual concerns |
section 102 | industrial development grants |
section 103 | sums recovered under insurance policies etc |
section 104 | repayments under FISMA 2000 |
In Chapter 7 (gifts to charities etc)— | |
section 108 | receipt of benefits by donor or connected person |
In Chapter 9 (other specific trades)— | |
section 131 | incidental costs of issuing qualifying shares (building societies) |
section 133 | annual payments paid by a credit union |
In Chapter 12 (deductions from profits)— | |
sections 172 to 175 | unremittable amounts |
Textual Amendments
F1Figure in s. 210(2) substituted (with effect in accordance with Sch. 11 paras. 65-67 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 11 para. 52(a)
F2Words in s. 210(2) omitted (with effect in accordance with Sch. 11 paras. 65-67 of the commencing Act) by virtue of Finance Act 2009 (c. 10), Sch. 11 para. 52(b)