SCHEDULES

SCHEDULE 4Cash basis for small businesses

PART 1Main provisions

Receipts

22

1

Section 105 (industrial development grants) is amended as follows.

2

In subsection (2), at the end of paragraph (a) insert “ (but see subsection (2A)) ”.

3

After that subsection insert—

2A

Subsection (2)(a) is to be disregarded in calculating the profits of a trade on the cash basis.