Part III Income Tax, Corporation Tax and Capital Gains Tax
Chapter I Income Tax and Corporation Tax
Computation of profits of trade, profession or vocation
C142 Computation of profits of trade, profession or vocation.
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 F5the 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.
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5
This section does not affect provisions of the F3Corporation Tax Acts relating to the computation of the profits of Lloyd’s underwriters or F4insurance 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.