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Finance Act 2013
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Rules restricting deductions
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7After section 32 insert—
“Cash basis accounting
32AApplication of Chapter to the cash basis
(1)The following sections do not apply in calculating the profits of a trade on the cash basis—
section 33 (capital expenditure),
section 35 (bad and doubtful debts),
sections 36 and 37 (unpaid remuneration),
section 43 (employee benefit contributions: profits calculated before end of 9 month period),
sections 48 to 50B (car hire).
(2)For rules restricting deductions that apply only where profits are calculated on the cash basis, see the following—
section 33A (cash basis: capital expenditure),
section 51A (cash basis: interest payments on loans).”
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