[96B Section 96A: supplementary provision]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[96B  Section 96A: supplementary provision]

[(1)     This section has effect for the purposes of section 96A.

(2)     Any question as to whether or to what extent expenditure is brought into account in calculating the profits of a trade is to be determined on such basis as is just and reasonable in all the circumstances.

(3)     A person carrying on a trade “enters the cash basis” for a tax year if—

(a)     [the cash basis applies] in relation to the trade for the tax year, and

(b)     [the cash basis did not apply] in relation to the trade for the previous tax year.

(4)     Expenditure is “cash basis deductible” in relation to a tax year if, on the assumption that the expenditure was paid in that tax year, a deduction would be allowed in respect of the expenditure in calculating the profits of the trade on the cash basis for that tax year.

(5)     Expenditure is “brought into account under CAA 2001” in calculating the profits of a trade if and to the extent that—

(a)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Enforcing a warrant of control

Enforcing a warrant of controlThis Practice Note has been produced by enforcement specialists, The Sheriffs Office. It guides users through the process of enforcing a warrant of control obtained from the County Court as a method of enforcing a money judgment; whereby the judgment creditor takes

LEXISNEXIS

179. List of offences triable either way.

  Without prejudice to any other enactment by virtue of which any offence is triable either way1, the following offences are triable either way2:  (1)     offences at common law of public nuisance3;  (2)     an offence at common law of

LEXISNEXIS

Codicils

CodicilsCodicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can