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Finance (No. 2) Act 2017

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This is the original version (as it was originally enacted).

17After section 272 insert—

272ZAApplication of trading income rules: cash basis

(1)In relation to a property business whose profits are calculated on the cash basis, the provisions of Part 2 (trading income) which apply as a result of section 271E(1) are limited to the following—

In Chapter 3 (basic rules)—
section 26losses calculated on same basis as profits
section 28Amoney’s worth
section 29interest
In Chapter 4 (rules restricting deductions)—
section 34expenses not wholly and exclusively for trade and unconnected losses
sections 38 to 42 and 44employee benefit contributions
sections 45 to 47business entertainment and gifts
section 52exclusion of double relief for interest
section 53social security contributions
section 54penalties, interest and VAT surcharges
section 55crime-related payments
section 55Aexpenditure on integral features
In Chapter 5 (rules allowing deductions)—
section 57pre-trading expenses
sections 58 and 59incidental costs of obtaining finance
section 69payments for restrictive undertakings
sections 70 and 71seconded employees
section 72payroll deduction schemes: contributions to agents’ expenses
sections 73 to 75counselling and retraining expenses
sections 76 to 80redundancy payments etc
section 81personal security expenses
sections 82 to 86contributions to local enterprise organisations or urban regeneration companies
sections 86A and 86Bcontributions to flood and coastal erosion risk management projects
sections 87 and 88scientific research
sections 89 and 90expenses connected with patents, designs and trade marks
section 91payments to Export Credits Guarantee Department
In Chapter 6 (receipts)—
section 96capital receipts
section 97debts incurred and later released
section 104distribution of assets of mutual concerns
section 105(1) and (2)(b) and (c)industrial development grants
section 106sums recovered under insurance policies etc
In Chapter 6A (amounts not reflecting commercial transactions)—
section 106Camounts not reflecting commercial transactions
section 106Dcapital receipts
section 106Egifts to charities etc
In Chapter 7 (gifts to charities etc)—
section 109receipt by donor or connected person of benefit attributable to certain gifts

(2)In those provisions, the expression “this Part” is to be read as a reference to those provisions as applied by subsection (1) and to the other provisions of Part 3.

(3)In section 106D, the reference to subsection (4) or (5) of section 96A is to be read as a reference to subsection (2), (3) or (5) of section 307F (deemed capital receipts under, or after leaving, cash basis).

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