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Corporation Tax Act 2009

Section 569: Restriction on debits on old contracts: non-fair value accounting cases

1486.This section applies where the company does not use fair value accounting and the carrying value of the contract at the start of the first accounting period beginning on or after 1 April 2008 is greater than the fair value of that contract at that time. It is based on paragraph 8(1) and (2) of Schedule 13 to FA 2008.

1487.Subsequent debits are not brought into account until they exceed the amount by which that carrying value exceeded that fair value.

1488.This rule prevents amounts being brought into account where the drop in value of the policy occurred before the start of the initial period.

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