Section 747 | Assets held for purposes of trade

(1)This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a trade carried on by it in that period.

(2)The credits are given effect by treating them as receipts of the trade in calculating the profits of the trade for tax purposes.

(3)The debits are given effect by treating them as expenses of the trade in calculating the profits of the trade for tax purposes.