Section 46 — Corporation Tax Act 2009: Generally accepted accounting practice

Generally accepted accounting practice 46 1 The profits of a trade must be calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law in calculating profits for corporation tax purposes.

2 This does not—

a require a company to comply with the requirements of the Companies Act 2006 (c. 46) 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 This section does not affect any provisions of the Corporation Tax Acts—

a relating to the calculation of the profits of—

i Lloyd's underwriters, ... ii . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b otherwise laying down special rules for the calculation of the profits of a particular description of business.