Paragraph 3

C1(1)

The amendments made by this Schedule have effect in relation to accounting periods beginning on or after the day specified for the purposes of this paragraph in an order made by the Treasury (“the specified day”).

(2)

An order under sub-paragraph (1) may specify a day earlier than the day on which the order is made or this Act is passed.

(3)

Sub-paragraph (4) applies where a company has an accounting period beginning before the specified day and ending on or after that day (“the straddling period”).

(4)

For the purposes of Part 15B of CTA 2009—

(a)

so much of the straddling period as falls before the specified day, and so much of that period as falls on or after that day, are treated as separate accounting periods, and

(b)

any amounts brought into account for the purposes of calculating for corporation tax purposes the profits of any trade of the company for the straddling period are apportioned to the two separate accounting periods on such basis as is just and reasonable.

Annotations

Modifications

C1: Sch. 17 para. 3(1): 1.4.2014 appointed as "the specified day" by S.I. 2014/1962, art. 2(2)