CTA09/S599

Where a company draws up accounts that are not GAAP-compliant accounts, or does not draw up accounts at all, S599 requires that CTA09/PT7 be applied as if it had drawn up GAAP-compliant accounts, both in the current period and earlier periods of account.

Accordingly, for company periods of account beginning on or after 1 January 2016, amounts that would have been recognised as items of profit or loss in such accounts are treated as if they had been so recognised for accounting purposes.

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