An extra-statutory concession (ESC B38) concerning overseas trade debts was enacted (but subject to certain changes) in ITTOIA 2005, s. 187–191. The rules as enacted in 2005 apply where:

a trader brings into account, in calculating his trading profits, an amount either received or owed;

the amount is paid or owed in a country outside the UK; and

some or all of that money cannot be remitted to the UK (see below).

The rules do not apply to businesses using the cash basis (see ¶206-481ff.).

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