Part 16Companies with investment business
Chapter 2Management expenses
Claw back of relief
1231Absence of accounts
1
This section sets out how section 1229 operates if a company has an accounting period that neither coincides with nor falls within any period of account.
2
Section 1229 operates as if—
a
there were a period of account of the company that coincides with that accounting period, and
b
in calculating for accounting purposes the company's profits and losses for that period of account, amounts were brought into account in accordance with UK generally accepted accounting practice.
3
The references in section 1251(3)(b) (car F1... hire) to credits and debits include credits and debits that are deemed to be made by virtue of this section.