Version Superseded: 01/04/2010
Point in time view as at 06/04/2009.
Finance Act 2007, Paragraph 4 is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
4U.K.In section 108(2) (profit condition), for paragraph (b) substitute—
“(b)“profits” means profits before deduction of tax, calculated in accordance with international accounting standards and excluding—
(i)realised and unrealised gains and losses on the disposal of property,
(ii)changes in the fair value of hedging derivative contracts (within the meaning of section 120(4)), and
(iii)items which are outside the ordinary course of the company's business (irrespective of their treatment in the company's accounts), having regard to that company's past transactions.”
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