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Finance Act 1998

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Changes over time for: Section 46

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Version Superseded: 01/04/2009

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Point in time view as at 06/04/2005. This version of this provision has been superseded. Help about Status

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46 Minor and consequential provisions about computations.U.K.

(1)In provisions of the [F1Corporation Tax Acts] relating to the computation of the profits of a trade, profession or vocation references to receipts and expenses are (except where otherwise expressly provided) to any items brought into account as credits or debits in computing such profits.

There is no implication that an amount has been actually received or expended.

(2)Except where otherwise expressly provided, the same rules apply in computing losses of a trade, profession or vocation for [F2corporation tax purposes] as apply in computing profits.

(3)In the provisions of the Tax Acts which refer to the subject of the charge under Case I or II of Schedule D as “profits or gains” or “profits and gains" of a trade, profession or vocation—

(a)for “profits or gains" or “profits and gains", wherever occurring, substitute “ profits ”, and

(b)for “arising or accruing", in reference to such profits or gains, substitute “ arising ”.

The provisions affected are listed in Schedule 7 to this Act.

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