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Changes over time for: Cross Heading: Groups: use of different accounting practices


Timeline of Changes
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Status:
Point in time view as at 01/04/2010.
Changes to legislation:
Corporation Tax Act 2010, Cross Heading: Groups: use of different accounting practices is up to date with all changes known to be in force on or before 08 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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Groups: use of different accounting practicesU.K.
996Use of different accounting practices within a group of companiesU.K.
(1)Subsection (2) applies if—
(a)a company (“company A”) prepares accounts in accordance with international accounting standards,
(b)another company (“company B”) in the same group of companies prepares accounts in accordance with UK generally accepted accounting practice,
(c)there is a transaction between, or a series of transactions involving, company A and company B, and
(d)a tax advantage would (apart from this section) be obtained by either or both of those companies in relation to the transaction or series of transactions as a result of the use of different accounting practices.
(2)The Tax Acts apply in relation to the transaction or series of transactions as if both company A and company B prepared accounts in accordance with UK generally accepted accounting practice.
(3)Section 170(3) to (6) of TCGA 1992 apply to determine for the purposes of this section whether companies are in the same group of companies.
(4)None of the following circumstances (individually or in combination) prevents a series of transactions from being a series of transactions involving company A and company B—
(a)there is no transaction in the series to which both those companies are parties,
(b)the parties to any arrangements in pursuance of which the transactions in the series are entered into do not include one or both of those companies,
(c)there are one or more transactions in the series to which neither of those companies is a party.
(5)In this section “tax advantage” has the meaning given by section 1139.
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