Part 3

Trading income
Chapter 3

Trade profits: basic rules

Receipts and expenses
48
1
In the Corporation Tax Acts, in the context of the calculation of the profits of a trade, references to receipts and expenses are to any items brought into account as credits or debits in calculating the profits.
2
It follows that references in that context to receipts or expenses do not imply that an amount has actually been received or paid.
3
This section is subject to any express provision to the contrary.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)