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Textual Amendments
F1S. 27 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. 12, 47 (with Sch. 10 paras. 48-50)
(1)In the Income Tax Acts, in the context of the calculation of the profits of a trade, references to receipts and expenses are to any items brought into account as credits or debits in calculating the profits.
(2)There is no implication that an amount has been actually received or paid.
(3)This section is subject to any express provision to the contrary.