Part 2Trading income
Chapter 5Trade profits: rules allowing deductions
F1Cash basis accounting
56AApplication of Chapter to the cash basis
(1)
The following sections do not apply in calculating the profits of a trade on the cash basis—
sections 60 to 67 (tenants under taxed leases).
F2...
F3(2)
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(3)
In calculating the profits of a trade on the cash basis, any reference in this Chapter to the incurring of expenses is to be read as a reference to the paying of expenses.