Finance Act 2024 (c. 3)

Part 1 Income tax and corporation tax

Chapter 3 Other income tax measures

Calculation of trade profits etc

16 Provision relating to the cash basis

Schedule 10 contains provision about the calculation of the profits of a trade, profession or vocation on the cash basis, including provision—

(a) for the cash basis to be the default basis of calculation for certain persons,

(b) removing eligibility conditions relating to receipts,

(c) removing restrictions on deductions for loan interest, and

(d) removing restrictions on the availability of certain loss reliefs.