Commentary on Sections Overview Chapter 1: Introduction Section 34: Overview of Part
151.This section provides an overview of this Part. It is new. The corresponding income tax rule is in section 3 of ITTOIA.
152.In contrast to section 3 of ITTOIA, this section makes no reference to adjustment income. This is because for corporation tax purposes adjustments on a change of basis of accounting are brought into account in computing trading profits rather than being treated as a distinct category of income.