SCHEDULES

SCHEDULE 2Transitionals and savings

Part 21Other provisions

Miscellaneous profits and losses: apportionment to accounting periods ending before 1 April 2009

143

1

This paragraph applies if—

a

a relevant period of account begins before 1 April 2009 and ends on or after that date, and

b

in order to arrive at the profits or losses of an accounting period ending before 1 April 2009 it is necessary to apportion the profits or losses of the relevant period of account to any part of that period before 1 April 2009.

2

A period of account is a “relevant period” if—

a

section 1307 applies to the period of account, and

b

the profits or losses of the part of the period of account falling in an accounting period ending after 31 March 2009 are calculated in accordance with this Act.

3

The profits or losses of the relevant period of account—

a

are calculated in accordance with this Act (and therefore, to that extent, this Act has effect for accounting periods ending before 1 April 2009), and

b

may be apportioned in accordance with section 1307 to any part of the period of account falling in an accounting period ending before 1 April 2009.