Section 56A Application of Chapter to the cash basisF1
United Kingdom
The following sections do not apply in calculating the profits of a trade on the cash basis—
sections 60 to 67 (tenants under taxed leases).
F2...
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In calculating the profits of a trade on the cash basis, any reference in this Chapter to the incurring of expenses is to be read as a reference to the paying of expenses.
Annotations
Textual amendments
- F1
S. 56A and cross-heading inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 13
- F2
Words in s. 56A(1) omitted (with effect in accordance with s. 72(4) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 72(2)(a)
- F3
S. 56A(2) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 10 paras. 18, 47 (with Sch. 10 paras. 48-50)