C1Part 3Trading income

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Chapter 3Trade profits: basic rules

52Apportionment etc of profits and losses to accounting period

1

This section applies if a period of account of a trade does not coincide with an accounting period.

2

Any of the following steps may be taken if they are necessary in order to arrive at the profits or losses of the accounting period—

a

apportioning the profits or losses of a period of account to the parts of that period falling in different accounting periods, and

b

adding the profits or losses of a period of account (or part of a period) to profits or losses of other periods of account (or parts).

3

The steps must be taken by reference to the number of days in the periods concerned.