[272 Application of trading income rules: GAAP]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[272  Application of trading income rules: GAAP]

(1)     . . .

(2)     [In relation to a property business whose profits are calculated in accordance with GAAP, 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)—
Ìý.Ìý.Ìý.ÌýÌý.Ìý.Ìý.Ìý
section 26losses calculated on same basis as profits
section 27receipts and expenses
section 28items treated under CAA 2001 as receipts and expenses
[section 28Amoney's worth]
section 29interest
In Chapter 4 (rules restricting deductions)—
section
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