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Finance Act 1998
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42 Computation of profits of trade, profession or vocation.U.K.
(1)For the purposes of Case I or II of Schedule D the profits of a trade, profession or vocation must be computed [F1in accordance with generally accepted accounting practice], subject to any adjustment required or authorised by law in computing profits for those purposes.
(2)This does not—
(a)require a person to comply with the requirements of [F2the Companies Act 2006 or subordinate legislation made under that Act] except as to the basis of computation, or
(b)impose any requirements as to audit or disclosure.
(3)This section applies to periods of account beginning after 6th April 1999.
A period of account beginning on or before 6th April 1999 which is still current on 7th April 2000 shall be treated for the purposes of this section as having ended on 6th April 1999 and a new period as having begun on 7th April 1999.
F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)This section does not affect provisions of the [F4Corporation Tax Acts] relating to the computation of the profits of Lloyd’s underwriters or [F5insurance companies (within the meaning of Chapter 1 of Part 12 of the Taxes Act 1988) in relation to their life assurance business], or otherwise laying down special rules for the computation of the profits of a particular description of business.
Textual Amendments
F1Words in s. 42(1) substituted (24.7.2002) by 2002 c. 23, s. 103(5)
F2Words in s. 42(2)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954), arts. 1(1), 24 (with art. 4)
F3S. 42(4) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 500(a), Sch. 3 (with Sch. 2)
F4Words in s. 42(5) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 500(b) (with Sch. 2)
F5Words in s. 42(5) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Companies (Corporation Tax Acts) (Miscellaneous Amendments) Order 2006 (S.I. 2006/3270), arts. 1(1), 10
Modifications etc. (not altering text)
C1S. 42 excluded (24.7.2002 with application as mentioned in s. 65(1)(3)(4) of the amending Act) by 2002 c. 23, s. 65(2)(b)
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