# Corporation Tax Act 2009, Section 48: Receipts and expenses


(1) In the Corporation Tax Acts, in the context of the calculation of the profits of a trade, references to receipts and expenses are to any items brought into account as credits or debits in calculating the profits.
(2) It follows that references in that context to receipts or expenses do not imply that an amount has actually been received or paid.
(3) This section is subject to any express provision to the contrary.

---
Source: https://www.legislation.gov.uk/ukpga/2009/4/section/48 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.