Section 48 — Corporation Tax Act 2009: Receipts and expenses

Receipts and expenses 48 1 In the Corporation 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 It follows that references in that context to receipts or expenses do not imply that an amount has actually been received or paid.

3 This section is subject to any express provision to the contrary.