IntroductionU.K.
30(1)Credits and debits to be brought into account for tax purposes under this Schedule are given effect in accordance with this Part.
(2)Credits and debits in respect of assets held for the purposes mentioned in—
(a)paragraph 31(assets held for purposes of trade), or
(b)paragraph 32 (assets held for purposes of property business) or
(c)paragraph 33 (assets held for purposes of certain concerns taxed under Case I of Schedule D),
are given effect in accordance with the paragraph in question.
(3)Other credits and debits (“non-trading credits and debits”) are given effect in accordance with paragraphs 34 and 35.
(4)Any apportionment necessary where an asset is held for purposes falling within more than one of the provisions mentioned above shall be made on a just and reasonable basis.
(5)The provisions mentioned in this paragraph have effect subject to paragraph 36 (special provisions relating to insurance companies).