Part 3Trading income
Chapter 3Trade profits: basic rules
46Generally accepted accounting practice
1
The profits of a trade must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes.
2
This does not—
a
require a company to comply with the requirements of the Companies Act 2006 (c. 46) or subordinate legislation made under that Act except as to the basis of calculation, or
b
impose any requirements as to audit or disclosure.
3
This section does not affect any provisions of the Corporation Tax Acts—
a
relating to the calculation of the profits of—
i
Lloyd’s underwriters, or
ii
the life assurance business of insurance companies, or
b
otherwise laying down special rules for the calculation of the profits of a particular description of business.