Section 46 Generally accepted accounting practice

United Kingdom

(1)

The profits of a trade must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes.

(2)

This does not—

(a)

require a company to comply with the requirements of the Companies Act 2006 (c. 46) or subordinate legislation made under that Act except as to the basis of calculation, or

(b)

impose any requirements as to audit or disclosure.

(3)

This section does not affect any provisions of the Corporation Tax Acts—

(a)

relating to the calculation of the profits of—

(i)

Lloyd's underwriters, F1...

(ii)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

otherwise laying down special rules for the calculation of the profits of a particular description of business.

Annotations

Textual amendments

F1: S. 46(3)(a)(ii) and the word immediately preceding it omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 142

Notes on Part 3

Modifications

C1: Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)