Finance Act 2002

Giving effect to positive adjustment U.K.

[F1 4 If the amount of the adjustment is positive, it is chargeable to corporation tax and is treated as receipt of the trade, profession or vocation arising on the [F2 first day] of the first period of account for which the new basis is adopted.]

Textual Amendments

F1 Sch. 22 para. 4 substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(4) (with Sch. 2)

F2 Words in Sch. 22 para. 4(3) substituted (with effect in accordance with s. 81(3) of the amending Act) by virtue of Finance Act 2005 (c. 7), s. 81(2)