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

ICTA88/S99 for companies and S158(1-3) ITTOIA 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 S277, 279, 281 ITTOIA are to be treated as reduced by the amount chargeable under that Section.