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Corporation Tax Act 2009

Section 318: Change of accounting policy following cessation of loan relationship

1078.This section provides for debits and credits representing differences in the value of assets and liabilities following a change of accounting policy to be brought into account where section 331 (company ceasing to be party to a loan relationship) also applies. It is based on paragraph 19A(4C) to (5) of Schedule 9 to FA 1996.

1079.Sub-paragraph (4C) of paragraph 19A provides for the difference between the two values to be brought into account at the beginning of the later period. This is not rewritten as it is unnecessary. This brings the section into line with paragraph 50A(3C) of Schedule 26 to FA 2002, the equivalent provision for derivative contracts.

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