Introduction Overview Chapter 11: Part 12: supplementary Section 599: Calculation of profits
1887.This section provides for the calculation of profits for the purposes of certain provisions in the Part. It is based on section 120 of FA 2006.
1888.This section applies to non-UK companies and joint venture companies (including non-UK ones).
1889.Subsection (7) requires income and expenditure to be “apportioned on a just and reasonable basis”. It is based on section 120(6) of FA 2006 which states that income and expenditure be “apportioned reasonably”. See Change 33 in Annex 1.