Section 597 | Amounts recognised in determining a company's profit or loss

(1)References in this Part to an amount recognised in determining a company's profit or loss for a period are to an amount that is recognised in the company's accounts for the period as an item of profit or loss.^F1

(1A)The reference in subsection (1) to an amount recognised in the company's accounts for the period as an item of profit or loss includes a reference to an amount that—^F2

(a)was previously recognised as an item of other comprehensive income, and^F2

(b)is transferred to become an item of profit or loss in determining the company's profit or loss for the period.^F2

(1B)In subsections (1) and (1A) “item of profit or loss” and “item of other comprehensive income” each has the meaning that it has for accounting purposes.^F2

(2)Repealed^F3

(3)Repealed^F3