Corporation Tax Act 2009

48Receipts and expensesU.K.

This section has no associated Explanatory Notes

(1)In the Corporation 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)It follows that references in that context to receipts or expenses do not imply that an amount has actually been received or paid.

(3)This section is subject to any express provision to the contrary.