231 Calculation of the adjustment
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

231  Calculation of the adjustment

The amount of the adjustment is calculated as follows.

Step 1

Add together any amounts representing the extent to which, comparing the two bases, profits were understated (or losses overstated) on the old basis.

The amounts are—

Amounts
1Receipts which on the new basis would have been brought into account in calculating the profits of a period of account before the change, so far as they were not so brought into account.
2Expenses which on the new basis fall to be brought into account in calculating the profits of a period of account after the change, so far as they were brought
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