SCHEDULES

SCHEDULE 15Accountancy change: spreading of adjustment

Part 2Corporation tax

Effect of other events bringing accounting period to an end

12

1

If before the whole of the adjustment has been charged to tax an accounting period of the company ends by reason of—

a

the company ceasing to be within the charge to corporation tax,

b

the commencement of winding-up proceedings in respect of the company (see F1section 12 of CTA 2009),

the rule in paragraph 10(4) applies in relation to that accounting period.

2

If the company permanently ceases to carry on the business in question (without there being any event within sub-paragraph (1) above), paragraph 10 continues to apply but with the omission of the alternative limit in sub-paragraph (2)(b) and (3)(c) referring to the profits of the business.