Commentary on Sections Overview Overview Section 262: Giving effect to positive and negative adjustments
945.This section sets out how to calculate an adjustment and how it is treated for tax purposes. It is based on paragraphs 2 and 4 to 7 of Schedule 22 to FA 2002. The corresponding rules for income tax are in sections 330, 333 and 334 of ITTOIA.
946.Subsection (6) is a cross-reference to the trading income rule about expenses for which a deduction has already been made.