Part 5

Loan Relationships
Chapter 3

The credits and debits to be brought into account: general

Amounts recognised in determining a company’s profit or loss

Power to make regulations about recognised amounts
310
1
The Treasury may by regulations—
a
make provision excluding from section 308(1) or (2) amounts of a specified description, and
b
make provision for or in connection with bringing into account in specified circumstances amounts in relation to which section 308(1) or (2) does not have effect as a result of regulations under paragraph (a).
2
The regulations may provide that section 308(1) or (2) does not apply to specified amounts in a period of account so far as they derive from or otherwise relate to amounts brought into account in a specified way in a previous period of account.
3
The regulations may—
a
make different provision for different cases, and
b
make provision subject to an election or to other specified conditions.
4
The regulations may apply to periods of account beginning before they are made, but not earlier than the beginning of the calendar year in which they are made.
5
The power to make regulations under this section does not apply to exchange gains or losses (but see section 328(4) to (7)).