Section 272 | Application of trading income rules: GAAP
From legislation.gov.uk
15 July 2026
(1)RepealedF1
(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—F2F3F4F5F6F7F8F9F10F11F12F13F14F15
| In Chapter 3 (basic rules)— | |
| . . . | . . . |
| section 26 | losses calculated on same basis as profits |
| section 27 | receipts and expenses |
| section 28 | items treated under CAA 2001 as receipts and expenses |
| section 28A | money's worth |
| section 29 | interest |
| In Chapter 4 (rules restricting deductions)— | |
| section 33 | capital expenditure |
| section 34 | expenses not wholly and exclusively for trade and unconnected losses |
| section 35 | bad and doubtful debts |
| sections 36 and 37 | unpaid remuneration |
| sections 38 to 44 | employee benefit contributions |
| sections 45 to 47 | business entertainment and gifts |
| sections 48 to 50B | car ... hire |
| . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
| section 52 | exclusion of double relief for interest |
| section 53 | social security contributions |
| section 54 | penalties , interest and VAT surcharges and interest |
| section 55 | crime-related payments |
| section 55A | expenditure on integral features |
| In Chapter 5 (rules allowing deductions)— | |
| section 57 | pre-trading expenses |
| sections 58 and 59 | incidental costs of obtaining finance |
| . . . | . . . |
| section 69 | payments for restrictive undertakings |
| sections 70 and 71 | seconded employees |
| section 72 | payroll deduction schemes: contributions to agents' expenses |
| sections 73 to 75 | counselling and retraining expenses |
| sections 76 to 80 | redundancy payments etc. |
| section 81 | personal security expenses |
| sections 82 to 86 | contributions to local enterprise organisations or urban regeneration companies |
| sections 86A and 86B | contributions to flood and coastal erosion risk management projects |
| sections 87 and 88 | scientific research |
| sections 89 and 90 | expenses connected with patents, designs and trade marks |
| section 91 | payments to Export Credits Guarantee Department |
| section 94A | costs of setting up SAYE option scheme or CSOP scheme |
| section 94AA | deductions in relation to salaried members of limited liability partnerships |
| In Chapter 5A (deductions allowable at a fixed rate) | |
| section 94C | exclusion of provisions of Chapter 5A for firms with partner who is not an individual |
| sections 94D to 94G | expenditure on vehicles |
| In Chapter 6 (receipts)— | |
| section 96 | capital receipts |
| section 97 | debts incurred and later released |
| section 104 | distribution of assets of mutual concerns |
| section 105 | industrial development grants |
| section 106 | sums recovered under insurance policies etc. |
| In Chapter 7 (gifts to charities etc.)— | |
| section 109 | receipt by donor or connected person of benefit attributable to certain gifts |
| In Chapter 10A (long funding leases)— | |
| Sections 148A to 148J | Leases of plant or machinery: special rules for long funding leases |
| In Chapter 11 (other specific trades)— | |
| section 155 | levies and repayments under FISMA 2000 |
| In Chapter 13 (deductions from profits)— | |
| sections 188 to 191 | unremittable amounts |
(3)In those provisions the expression “this Part” is to be read as a reference to those provisions as applied by subsection (2) and to the other provisions of Part 3.