Profits computed in accordance with generally accepted accounting practice form the starting point for the computation of taxable profits. Adjustments to those profits may, however, need to be made to conform to tax law. As well as those required by specific statutory principles adjustments may also be needed to give effect to more general tax principles, best seen as being derived from the requirement in S7(1) Income Tax (Trading and Other Income) Act 2005 and s8(3) Corporation Tax Act 2009 to tax the `full amount' of the profits of the trade, laid down by the courts. See BIM35000 onwards.

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