Related Commentary  Related CasesRelated HMRC Manuals

46(1)  The profits of a trade must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes.

46(2)  This does not–

(a)require a company to comply with the requirements of the Companies Act 2006 (c. 46) or subordinate legislation made under that Act except as to the basis of calculation, or

(b)impose any requirements as to audit or disclosure.

46(3)  This section does not affect any provisions of the Corporation Tax Acts–

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