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Corporation Tax Act 2009

Section 568: Restriction on credits on old contracts: fair value accounting cases

1484.This section applies where the company uses fair value accounting and the cost 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 7(1) to (3) of Schedule 13 to FA 2008.

1485.Subsequent credits are not brought into account until they exceed the amount by which cost exceeded fair value at the start of that period.

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