Commentary on Sections Overview Chapter 3: Profits of property businesses: basic rules Section 270: Income charged
1075.This section states the amount charged to tax. It is based on sections 21 and 65 of ICTA.
1076.The section refers simply to “profits” rather than “annual profits” used in the source legislation. Omitting “annual” is consistent with the approach adopted for trading and savings and investment income - the word adds nothing to the meaning of “profits”.