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Corporation Tax Act 2009

Chapter 6: Supplementary
Section 1255: Meaning of some accounting terms

3173.This section provides definitions of some accounting terms used in this Part. It is based on sections 75A and 75B of ICTA.

3174.Subsection (1) deals with the concept of management expenses being “debited in accounts”. This expression is used in the rules that determine to which accounting period expenses are referable.

3175.Subsection (2) deals with the concept of an amount being “brought into account”. This expression is used in the rule that deals with the claw back of relief. There is no reason why the expression should be defined differently in sections 75A(10) and 75B(8) of ICTA. So this section adopts the fuller words of section 75A(10).

3176.Subsection (3) removes a small inconsistency between sections 75A(10) and 75B(12) of ICTA by referring to a debit that increases or creates a loss.

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