# Income Tax (Trading and Other Income) Act 2005, Section 27: Receipts and expenses


(1) In the Income 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) There is no implication that an amount has been actually received or paid.
(3) This section is subject to any express provision to the contrary.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/27 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-27
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.