14(1)“Appropriate tax accounting arrangements” means accounting arrangements that enable the company's relevant liabilities to be calculated accurately in all material respects.U.K.
(2)“Accounting arrangements” includes arrangements for keeping accounting records.
(3)“Relevant liabilities”, in relation to a company, means liabilities in respect of—
(a)corporation tax (including any amount assessable or chargeable as if it were corporation tax),
(b)value added tax,
(c)amounts for which the company is accountable under PAYE regulations,
(d)insurance premium tax,
(e)stamp duty land tax,
(f)stamp duty reserve tax,
(g)petroleum revenue tax,
(h)customs duties, and
(i)excise duties.