Statute
Section 747 — Corporation Tax Act 2009: Assets held for purposes of trade
Text of the provision Official document
Assets held for purposes of trade 747 1 This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a trade carried on by it in that period.
2 The credits are given effect by treating them as receipts of the trade in calculating the profits of the trade for tax purposes.
3 The debits are given effect by treating them as expenses of the trade in calculating the profits of the trade for tax purposes.
Official source: legislation.gov.uk
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