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Corporation Tax Act 2009

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400 [F1Adjustments for changes in index] U.K.
This section has no associated Explanatory Notes

(1)This section applies if—

(a)[F2an amount] to be brought into account for the purposes of this Part in respect of [F3an index-linked gilt-edged security] [F4falls] to be determined by reference to its value at two different times, and

(b)there is a change in the [F5relevant] prices index between the earlier and the later time.

(2)If that change is an increase, the carrying value of the security at the earlier time is increased by the same percentage as the percentage increase in the [F6relevant] prices index between those times.

[F7(2A)Subsection (2) is subject to sections 400A to 400C (relevant hedging schemes).]

(3)If that change is a reduction, the carrying value of the security at the earlier time is reduced by the same percentage as the percentage reduction in the [F8relevant] prices index between those times.

(4)The Treasury may, in relation to any description of index-linked gilt-edged securities, by order provide that—

(a)there are to be no adjustments under this section, or

(b)an adjustment specified in the order is to be made instead.

(5)An order under subsection (4)—

(a)may not apply to a security issued before the making of the order, but

(b)may make different provision for different descriptions of securities.

(6)The general rule is that the percentage increase or reduction in the [F9relevant] prices index is determined for the purposes of this section by reference to the difference between—

(a)the index for the month in which the earlier time falls, and

(b)the index for the month in which the later time falls.

(7)But if the earlier time falls at the beginning of an accounting period which begins with the first day of a month, the index for the previous month is used for the purposes of subsection (6)(a).

Textual Amendments

F1S. 400 heading substituted (with effect in accordance with Sch. 14 para. 8 of the amending Act) by Finance Act 2010 (c. 13), Sch. 14 para. 5(2) (with Sch. 14 para. 9)

F2Words in s. 400(1)(a) substituted (with effect in accordance with Sch. 14 para. 8 of the amending Act) by Finance Act 2010 (c. 13), Sch. 14 para. 5(3)(a) (with Sch. 14 para. 9)

F3Words in s. 400(1)(a) substituted (retrospective and with effect in accordance with art. 1(2) of the commencing S.I.) by Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), arts. 1(1), 3(2)

F4Word in s. 400(1)(a) substituted (with effect in accordance with Sch. 14 para. 8 of the amending Act) by Finance Act 2010 (c. 13), Sch. 14 para. 5(3)(b) (with Sch. 14 para. 9)

F5Word in s. 400(1)(b) substituted (19.7.2011) (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2011 (c. 11), s. 60(2)(a)

F6Word in s. 400(2) substituted (19.7.2011) (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2011 (c. 11), s. 60(2)(a)

F7S. 400(2A) inserted (with effect in accordance with Sch. 14 para. 8 of the amending Act) by Finance Act 2010 (c. 13), Sch. 14 para. 5(4) (with Sch. 14 para. 9)

F8Word in s. 400(3) substituted (19.7.2011) (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2011 (c. 11), s. 60(2)(a)

F9Word in s. 400(6) substituted (19.7.2011) (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2011 (c. 11), s. 60(2)(a)

Modifications etc. (not altering text)

C1Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)

C2Ss. 400-400C excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 112(1) (with s. 147, Sch. 17)

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