Section 271B | Calculation of profits in accordance with GAAP ^F1

(1)In this Part, references to calculating the profits of a property business in accordance with GAAP are to calculating the profits in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for income tax purposes.

(2)A requirement under this Part to calculate profits in accordance with GAAP does not—

(a)require a person to comply with the requirements of the Companies Act 2006 or subordinate legislation made under that Act except as to the basis of calculation, or

(b)impose any requirements as to audit or disclosure.

(3)See section 272 (application of trading income rules: GAAP) which applies only where profits are calculated in accordance with GAAP.