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Finance Act 2013

Accounting periods ending on or after 20 March 2013

48.Paragraph 22(3) introduces the transitional rule for accounting periods beginning before and ending on or after 20 March 2013, for CFCs that will meet the updated definition of a group treasury company after 20 March 2013, but not before.

49.Paragraph 22(4) allows a notice under section 371CE(2)(b) to still be made even though the condition provided by section 371CE(2)(a) is not met.

50.Paragraph 22(5) outlines that where section 371CE(2)(a) is not met but a notice under section 371CE(2)(b) is given, the CFC’s trading finance profits shall be apportioned between two deemed accounting periods on a just and reasonable basis. This apportionment will be between a deemed accounting period ending on 19 March 2013 (“Period A”) and a deemed accounting period representing the period from 20 March 2013 (“Period B”). This sub-paragraph will only apply in practice where the CFC cannot meet the updated definition of a group treasury company before 20 March 2013, but can meet that definition after 20 March 2013. If the CFC can meet the updated definition of a group treasury company throughout its accounting period spanning 20 March 2013 then there is no need to apply paragraphs 22(5) to (9).

51.Paragraphs 22(6) and (7) outline the treatment of the CFC’s trading finance profits apportioned to Period A. Those profits shall be treated as non-trading finance profits if the CFC is a group treasury company in Period A. In determining whether the CFC is a group treasury company in that period a modified section 371CE(4) shall apply, whereby:

  • references to accounting period are referring to Period A, and

  • only the group treasury conditions at section 371CE(4)(a) apply.

52.Paragraphs 22(8) and (9) outline the treatment of the CFC’s trading finance profits apportioned to Period B. Those profits shall be treated as non-trading finance profits if the CFC is a group treasury company in Period B. In determining whether the CFC is a group treasury company in that period, section 371CE(4) applies whereby:

  • references to accounting period are referring to Period B, and

  • all the group treasury conditions at section 371CE(4) apply.

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