Section 1255 — Corporation Tax Act 2009: Meaning of some accounting terms

Meaning of some accounting terms 1255 1 Any reference in sections 1225 to 1227 to expenses of management being debited in accounts is to those expenses being brought into account as a debit in—

a the company's profit and loss account or income statement, or b a statement of total recognised gains and losses, statement of changes in equity or other statement of items brought into account in calculating the company's profits and losses for accounting purposes.

2 In section 1229(1) “ brought into account ” means brought into account in—

a the company's profit and loss account or income statement, or b a statement of total recognised gains and losses, statement of changes in equity or other statement of items brought into account in calculating the company's profits and losses for accounting purposes.

3 In this Part— “ credit ” means an amount which for accounting purposes increases or creates a profit, or reduces a loss, for a period of account, and “ debit ” means an amount which for accounting purposes reduces a profit, or increases or creates a loss, for a period of account.