Introduction

An extra-statutory concession (ESC C34) concerning overseas trade debts was enacted (but subject to certain changes) in CTA 2009, Pt. 3, Ch. 11. The rules as enacted in 2009 apply where (CTA 2009, s. 172):

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).

For the rules that apply where income arising in a territory outside the UK is unremittable, see ¶772-000ff.

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