Section 49 | Items treated as receipts and expenses

The rules for calculating the profits of a trade need to be read with—

(a)the provisions of CAA 2001 which treat allowances as expenses of a trade,

(b)the provisions of CAA 2001 which treat charges as receipts of a trade,

(c)section 297 (credits and debits in respect of a loan relationship to which a company is a party for the purposes of a trade it carries on treated as receipts and expenses of the trade),

(d)section 573 (credits and debits in respect of a derivative contract to which a company is a party for the purposes of a trade it carries on treated as receipts and expenses of the trade),

(e)section 747 (credits and debits in respect of an intangible fixed asset held by a company for the purposes of a trade it carries on treated as receipts and expenses of the trade), and

(f)section 749 (credits and debits in respect of an intangible fixed asset held by a company for the purposes of a section 39(4) concern which it carries on treated as receipts and expenses of the concern).