Part 2

Trading income
Chapter 4

Trade profits: rules restricting deductions

Cash basis accounting

Application of Chapter to the cash basis
32A
1
The following sections do not apply in calculating the profits of a trade on the cash basis—
- section 33 (capital expenditure),
- section 35 (bad and doubtful debts),
- sections 36 and 37 (unpaid remuneration),
- section 43 (employee benefit contributions: profits calculated before end of 9 month period),
- sections 48 to 50B (car hire).
2
For rules restricting deductions that apply only where profits are calculated on the cash basis, see ...
- section 33A (cash basis: capital expenditure).
...
S. 32A and cross-heading inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 7
Words in s. 32A(2) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 10 paras. 17(a), 47 (with Sch. 10 paras. 48-50)
Words in s. 32A(2) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 10 paras. 17(b), 47 (with Sch. 10 paras. 48-50)