Modifications etc. (not altering text)
C1Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
C2Pt. 7 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C3Pt. 7 modified by 2007 c. 3, s. 809FZZ(8) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))
(1)This Part operates by reference to the accounts of companies and amounts recognised for accounting purposes in those accounts.
(2)The general rule is that the amounts to be brought into account by a company as credits or debits for any period for the purposes of this Part [F1in respect of the matters mentioned in section 594A(1)] are those which are recognised in determining the company's profit or loss for the period in accordance with generally accepted accounting practice F2... .
[F3(2A)Subsections (2B) and (2C) apply if an accounting period of a company does not coincide with one or more of its periods of account.
(2B)The amounts referred to in subsection (2) are to be determined by apportionment in accordance with section 1172 of CTA 2010 (time basis).
(2C)But if it appears that apportionment in accordance with that section would work unreasonably or unjustly for an accounting period, subsection (2) is to be read as referring to amounts that would have been recognised in determining the company's profit or loss for that period in accordance with generally accepted accounting practice if accounts had been drawn up for that period.]
F4(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)This section is subject to the following provisions of this Part.
F5(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 595(2) inserted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 62(2)(a)
F2Words in s. 595(2) omitted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 62(2)(b)
F3S. 595(2A)-(2C) inserted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 62(3)
F4S. 595(3)-(6) omitted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 62(4)
F5S. 595(8) omitted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 62(4)
(1)In this Part “”, in relation to a derivative contract, means any disposal or acquisition (in whole or in part) of rights or liabilities under the contract.
(2)For this purpose the cases where there is taken to be such a disposal or acquisition include—
(a)those where rights or liabilities under the derivative contract are transferred or extinguished by any sale, gift, surrender or release, and
(b)those where the contract is discharged by performance in accordance with its terms.