# Finance Act 2022, Paragraph 7: Chapter 3A (trade profits: cash basis)

Extent: E+W+S+N.I.

(1) Section 31E (calculation of profits on cash basis) is amended as follows.
(2) In subsection (2), in each of Steps 1 and 2, omit “the basis period for”.
(3) At the end insert—
“(4) In determining the profits of a trade on the cash basis, section 7A(2) applies as if the profits or losses of a period of account were determined in accordance with subsection (2) of this section (and for these purposes, references in subsection (2) of this section to a tax year are to be read as references to a period of account).”

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Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/1/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-1/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.