This section has no associated Explanatory Notes
27(1)This paragraph applies if—U.K.
(a)a sum is payable, but not paid, by the person carrying on a trade to the Export Credits Guarantee Department under an agreement mentioned in section 91(1)(a) or with a view to entering into such an agreement,
(b)the sum was incurred in a period of account no part of which falls in the basis period for the tax year 2005-06 or a subsequent tax year, and
(c)the sum has not been taken into account in calculating the profits of the trade of any tax year.
(2)A deduction is allowed for the sum in calculating the profits of the period of account in which it is paid.
(3)This paragraph applies to professions and vocations as it applies to trades.