Part 4 Property Income
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Part 4 Property Income

Apportionment of profits or losses to tax years before tax year 2005–06

62

(1)     This paragraph applies if—

(a)     a period of account of a property business begins before 6th April 2005 and ends on or after that date, and

(b)     in order to arrive at the profits or losses of a tax year before the tax year 2005–06 it is necessary to apportion the profits or losses of the period of account to any part of that period falling in a tax year before the tax year 2005–06.

(2)     The profits or losses of the period of account—

(a)     are calculated in accordance with Part 3 of this Act (and therefore, to that extent, that Part has effect for tax years before the tax year 2005–06), and

(b)     may be apportioned in accordance with section 275 to any part of the period of account falling in a tax year before the tax year 2005–06.

Lease premiums

63

Section 277 does not apply in relation to a lease granted pursuant to a contract entered into before 4th April 1963.

Lease premiums: sums payable instead of rent

64

Section

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