Part I Corporation tax

United Kingdom

1. Application and interpretation of Part I
2. Loan relationships terminated before 1st April 1996
3. Basic rules for transitional accounting periods
4. Adjustment of opening value where new accounting basis adopted as from an accounting period beginning on 1st April 1996
5. Application of accruals basis to pre-commencement relationships
6. Adjustments in respect of pre-commencement trading relationships
7. Method of giving effect to paragraph 5 adjustments
8. General savings for the taxation of chargeable gains
9. Transitional provision for chargeable assets held after commencement
10. Election for alternative treatment of amounts specified in paragraph 8
11. Adjustments of opening value for mark to market accounting in the case of chargeable assets
12. Other adjustments in the case of chargeable assets etc.
13. Reduction of paragraph 11 credit where s.251(4) of 1992 Act prevents paragraph 8 loss
14. Notional closing values of relevant assets
15. Further transitional rules for interest under loan relationships
16. Transitional in respect of incidental expenses already allowed
17. Holdings of unit trusts etc.
18. Bad debt relieved before commencement
19. Transitional for overseas sovereign debt etc.
20. Transitional for accrued income scheme
21. Deep discount securities
22. Deep gain securities
23. Convertible securities
24. Transitional and savings for Chapter II of Part II of the Finance Act 1993
25. Carrying back non-trading losses against exchange profits etc.
26. Exchange losses etc. carried forward from before 1st April 1996
27. Transitional for debt contracts and options to which Chapter II of Part IV of the Finance Act 1994 is applied