[F156AApplication of Chapter to the cash basisU.K.
(1)The following sections do not apply in calculating the profits of a trade on the cash basis—
sections 60 to 67 (tenants under taxed leases),
F2...
(2)For rules allowing deductions that apply only where profits are calculated on the cash basis, see the following—
section 57B (cash basis: interest payments on loans).
(3)In calculating the profits of a trade on the cash basis, any reference in this Chapter to the incurring of expenses is to be read as a reference to the paying of expenses.]
Textual Amendments
F1S. 56A and cross-heading inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 13
F2Words in s. 56A(1) omitted (with effect in accordance with s. 72(4) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 72(2)(a)