Section 2D — Taxation of Chargeable Gains Act 1992: Application of CGT principles in calculating gains and losses

Application of CGT principles in calculating gains and losses 2D 1 The total amount of chargeable gains to be included in a company's total profits for an accounting period is calculated for corporation tax purposes in accordance with capital gains tax principles.

2 All of the following questions are determined in accordance with the enactments relating to capital gains tax as if accounting periods were tax years—

a any question as to the amounts to be, or not to be, taken into account as chargeable gains or allowable losses, b any question as to the amounts to be, or not to be, taken into account in calculating gains or losses, c any question as to the amounts charged to tax as a company's gains, and d any question as to the time when any amount is treated as accruing.

3 This section is subject to any provision made elsewhere by the Corporation Tax Acts.