08 June 2006
Assuming that UITF 40 is applicable and that there are additional profits to be brought in for a company, we understand that the amount that can be relieved under the spreading provisions is based on the uplift at the beginning of the first accounting period affected. If for accounting purposes it is deemed that the uplift is not material, so no prior year adjustment is made, can the spreading provisions still be applied for tax purposes? Is the position different for sole traders and partnerships?
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