BIM40050 - Receipts: general: contents

Most amounts received by traders are from the disposal of trading stock, provision of services, etc and are obviously trade receipts. Sometimes, however, it may not be clear whether a receipt is a trade receipt. This chapter of the guidance looks at how to determine whether a receipt arises from the trade at all and, if so, whether it is excluded as a capital item. The final part of the chapter deals with when a trade receipt is to be included in taxable profits.

For the rules regarding receipts for businesses using the cash basis, see BIM70015 onwards.

The chapter is arranged as follows:

1. BIM40051

   Whether trading income
2. BIM40055

   Excluded revenue: liability
3. BIM40060

   Particular types of transaction
4. BIM40065

   If excluded may still be liable
5. BIM40070

   Recognition of incomings
6. BIM40075

   When are they earned?
7. BIM40085

   Possible future repayment
8. BIM40090

   Anticipation of profits
9. BIM40095

   Foreign exchange gains and losses