Part 2 Property Businesses: Amendments of ITTOIA 2005
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 2 Property Businesses: Amendments of ITTOIA 2005

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ITTOIA 2005 is amended as follows.

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In Chapter 3 of Part 3 (profits of property businesses: basic rules), after section 271 insert—

“Basis of calculation of profits

271A Basis of calculation of profits: GAAP required

(1)     The profits of a property business for a tax year must be calculated in accordance with GAAP if condition A, B, C, D or E is met.

(2)     Condition A is that the business is carried on at any time in the tax year by—

(a)     a company,

(b)     a limited liability partnership,

(c)     a corporate firm, or

(d)     the trustees of a trust.

(3)     For the purposes of subsection (2) a firm is a “corporate firm†if a partner in the firm is not an individual.

(4)     Condition B is that the cash basis receipts for the tax year exceed £150,000.

(5)     In subsection (4) “the cash basis receipts for the tax year†means the total of the amounts that would be brought into account as receipts in calculating the profits of the property business for the tax year on the cash basis (see section 271D).

(6)

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