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.