# Income Tax (Trading and Other Income) Act 2005, Section 25: Generally accepted accounting practice

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

(1) The profits of a trade to which the cash basis does not apply must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for income tax purposes.
(2) This does not—
(a) require a person to comply with the requirements of the Companies Act 2006 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) This section does not affect provisions of the Income Tax Acts relating to the calculation of the profits of Lloyd's underwriters.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/25 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.