IntroductionU.K.
306Overview of ChapterU.K.
(1)This Chapter contains rules of general application about the credits and debits to be brought into account for the purposes of this Part.
(2)In particular, it—
(a)provides for the application of generally accepted accounting practice in determining the amounts to be brought into account as credits and debits and makes provision where accounts do not comply with that practice (see sections 307 to 312),
(b)makes provision about bases of accounting (see sections 313 and 314),
(c)provides for adjustments on changes of accounting policy (see sections 315 to 319),
(d)sets out some general rules that differ from generally accepted accounting practice (see sections 320 to 327),
(e)provides for exchange gains and losses to be included in the profits and losses of a company from loan relationships (see section 328),
(f)makes provision about debits for pre-loan relationship, abortive or pre-trading expenses (see sections 329 and 330),
(g)makes provision for companies ceasing to be a party to loan relationships (see sections 331 and 332), and
(h)provides for deemed assignments where a company's residence or operations move abroad (see sections 333 and 334).
(3)For further rules about the credits and debits to be brought into account in particular situations and cases, see—
(a)Chapter 4 (continuity of treatment on transfers within groups or on reorganisations),
(b)Chapter 5 (connected companies relationships: introduction and general),
(c)Chapter 6 (connected companies relationships: impairment losses and releases of debts),
(d)Chapter 7 (group relief claims involving impaired or released consortium debts),
(e)Chapter 8 (connected parties relationships: late interest),
(f)Chapter 9 (partnerships involving companies),
(g)Chapter 10 (insurance companies),
(h)Chapter 11 (other special kinds of company),
(i)Chapter 12 (special rules for particular kinds of securities),
(j)Chapter 13 (European cross-border transfers of business),
(k)Chapter 14 (European cross-border mergers), and
(l)Chapter 15 (tax avoidance).