[31ECalculation of profits on cash basisU.K.
This section has no associated Explanatory Notes
(1)This section applies to professions and vocations as it applies to trades.
(2)To determine the profits of a trade for a tax year on the cash basis—
(3)Subsection (2) is subject to any adjustment required or authorised by law in calculating profits for income tax purposes.
[(4)In determining the profits of a trade on the cash basis, section 7A(2) applies as if the profits or losses of a period of account were determined in accordance with subsection (2) of this section (and for these purposes, references in subsection (2) of this section to a tax year are to be read as references to a period of account).]]