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Legislation
Corporation Tax Act 2009

Chapter 3 Trade profits: basic rules

  • Section 46 Generally accepted accounting practice
  • Section 47 Losses calculated on same basis as profits
  • Section 48 Receipts and expenses
  • Section 49 Items treated as receipts and expenses
  • Section 49A Money's worth
  • Section 50 Animals kept for trade purposes
  • Section 51 Relationship between rules prohibiting and allowing deductions
  • Section 52 Apportionment etc of profits and losses to accounting period
  1. Chapter 3 · Trade profits: basic rules
  2. Items treated as receipts and expenses

Section 49 | Items treated as receipts and expenses

From legislation.gov.uk

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).

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