C10C2C11C9C5C7C1C6C3C4C8Part 5Loan Relationships

Annotations:
Modifications etc. (not altering text)
C10

Pt. 5 applied (with effect in accordance with Sch. 24 paras. 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 para. 15(2)(3)

C2

Pt. 5 applied (with modifications) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 990(5), 1184(1) (with Sch. 2)

C11

Pt. 5 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 5; S.I. 2012/628, art. 3(b)

C5

Pt. 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)

C1

Pt. 5 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1(1), 11(3)-(6)

C6

Pt. 5 modified by 2010 c. 4, s. 356NC(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C3

Pt. 5 modified by 2010 c. 4, s. 356NB(1)-(4) (as inserted (1.4.2014) by Finance Act 2014 (c. 26), Sch. 16 paras. 4, 6)

C4

Pt. 5 modified by 2007 c. 3, s. 809FZZ(9) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))

C8

Pt. 5 modified by 2010 c. 4, s. 676AG(1) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75)

C5Chapter 18General and supplementary provisions

F1Changes in accounting standards

Annotations:
Amendments (Textual)
F1

S. 465A and cross-heading inserted (8.4.2010) by Finance Act 2010 (c. 13), Sch. 19 para. 1

465APower to make regulations where accounting standards change

1

The Treasury may by regulations make provision for cases where, in consequence of a change in accounting standards, there is a relevant accounting change.

2

“Change in accounting standards” means the issue, revocation, amendment or recognition of, or withdrawal of recognition from, an accounting standard by an accounting body.

3

“Relevant accounting change” means a change in the way in which a company is permitted or required, for accounting purposes, to recognise amounts which—

a

are brought into account by the company as credits or debits for any period for the purposes of this Part, or

b

would be so brought into account but for any provision made by or under this Part.

4

Regulations under subsection (1) may amend this Part (apart from this section).

5

Regulations under subsection (1) may—

a

make different provision for different cases,

b

make incidental, supplemental, consequential and transitional provision and savings, and

c

make provision subject to an election or other specified circumstances.

6

Regulations making consequential provision by virtue of subsection (5)(b) may, in particular, include provision amending a provision of the Corporation Tax Acts.

7

Regulations under subsection (1) may apply to a pre-commencement period if they make provision in relation to a relevant accounting change which may or must be adopted, for accounting purposes, for a period of account, or part of a period of account, which coincides with that pre-commencement period.

8

In this section—

  • “accounting body” means the International Accounting Standards Board or the Accounting Standards Board, or a successor body to either of those Boards;

  • “accounting standard” includes any statement of practice, guidance or other similar document;

  • “pre-commencement period”, in relation to regulations, means an accounting period, or part of an accounting period, which begins before the regulations are made.