This section has no associated Explanatory Notes
7U.K.After section 32 insert—
“Cash basis accountingU.K.
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).”