Section 329A | Application of Chapter where cash basis used

This Chapter applies if—^F1

(a)the profits of a property business are calculated—^F1

(i)on the cash basis for a tax year (see section 271D), and^F1

(ii)in accordance with GAAP (see section 271B) for the following tax year, or^F1

(b)the profits of a property business are calculated—^F1

(i)in accordance with GAAP for a tax year, and^F1

(ii)on the cash basis for the following tax year.^F1