Commentary

D7.598 Which revenue accounts to use

Corporate tax
Corporate tax | Commentary

D7.598 Which revenue accounts to use

Corporate tax | Commentary

D7.598 Which revenue accounts to use

The rules in this division apply for accounting periods beginning before 1 January 2013. For accounting periods beginning on or after 1 January 2013 see Division D7.4.

It is normal practice for a company to prepare separate revenue accounts for the different sub-funds that make up its long-term fund. Some companies prepare revenue accounts that are not strictly required for regulatory reporting purposes and HMRC had concerns that this enabled those companies to obtain an unwarranted tax advantage. As a result the revenue accounts recognised for tax purposes are restricted to either an account

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