Section 558 Interpretation of accounting expressions
(1)
In determining for the purposes of this Chapter whether an amount is recorded as a financial asset or liability in respect of the advance, it is assumed that the period of account in which the advance is received or made ended immediately after the receipt or making of the advance.
(2)
In its application for the purposes of this Chapter, section 309(1) applies as if the reference to a company were a reference to a person.
Notes on Part 6
Modifications
- C1
Pt. 6 modified (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by 2005 c. 5, Sch. A1 para. 35(7) (as inserted by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 1)