Related Commentary  Related HMRC Manuals

232(1)  Adjustment income is treated as arising on the last day of the first period of account for which the new basis is adopted.

232(2)  But this is subject to sections 235 (cases where adjustment not required until assets realised or written off) and 236 (change from realisation basis to mark to market).

232(3)  Adjustment income is treated for the purposes of Part 4 of ITA 2007 (loss relief) as profits of the trade for the tax year in which tax is charged on it.

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