BIM51525 - Builders, property dealers & developers: Income recognition: Premiums

ICTA88/S99 provides that in computing the profits of a trade of dealing in land (which should be taken as including a trade of building as well as trades of property dealing, estate development etc) any trading receipts falling within subsections (1), (4) or (5) of ICTA88/S34 are to be treated as reduced by the amount chargeable under that Section.