United Kingdom - Tax Accounting – Key Themes and Recent Developments in the United Kingdom
- United Kingdom
- Douglas Roxburgh
- European Taxation, 2009 (Volume 49), No 8/9
- 21 August 2009
Trading profits must be computed for UK tax purposes in accordance with Generally Accepted Accounting Practice. There are, however, significant adjustments to accounting profits prescribed by statute for tax purposes. Despite consultation, there has been no significant progress towards the complete alignment of accounting and tax profits.