Commencement
5
1
Part 8B of CTA 2010 (as inserted by section 1) and the amendments made by Schedules 1 and 2 have effect in accordance with this section.
2
Any power of the Treasury or the Commissioners under Part 8B of CTA 2010, or under the amendments made by Schedules 1 and 2, to make regulations or an order may be exercised on or after the day on which this Act is passed.
3
The power of the Northern Ireland Assembly under section 357IA of CTA 2010 (power to set Northern Ireland rate) is exercisable in relation to—
a
such financial year as the Treasury may by regulations made by statutory instrument appoint (“the appointed financial year”), and
b
subsequent financial years.
4
The other provisions of Part 8B of CTA 2010 and the amendments made by Schedules 1 and 2 have effect in relation to accounting periods beginning on or after the first day of the appointed financial year (“the commencement day”).
5
Subsection (6) applies where a company or partnership has an accounting period beginning before the commencement day and ending on or after that day (“the straddling period”).
6
For the purposes of Part 8B of CTA 2010 and the amendments made by Schedules 1 and 2—
a
so much of the straddling period as falls before the commencement day, and so much of that period as falls on or after that day, are treated as separate accounting periods, and
b
any amounts brought into account for the purposes of calculating for corporation tax purposes the profits of any trade of the company or partnership for the straddling period are apportioned to the two separate accounting periods on such basis as is just and reasonable.
7
Section 1171 of CTA 2010 (orders and regulations) does not apply to the power of the Treasury under subsection (3)(a).