Textual Amendments
F1S. 24A and cross-heading inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 2, 47 (with Sch. 10 paras. 48-50)
(1)The profits of a trade [F2to which the cash basis does not apply] must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for income tax purposes.
(2)This does not—
(a)require a person to comply with the requirements of [F3the Companies Act 2006 or subordinate legislation made under that Act] except as to the basis of calculation, or
(b)impose any requirements as to audit or disclosure.
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)This section does not affect provisions of the Income Tax Acts relating to the calculation of the profits of Lloyd's underwriters.
Textual Amendments
F2Words in s. 25(1) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 3(a), 47 (with Sch. 10 paras. 48-50)
F3Words in s. 25(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), 36 (with art. 4)
F4S. 25(3) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 10 paras. 3(b), 47 (with Sch. 10 paras. 48-50)