F1PART 8CRestitution interest
Annotations:
Amendments (Textual)
CHAPTER 1Amounts taxed as restitution interest
357YFCompanies without GAAP-compliant accounts
1
If a company—
a
draws up accounts which are not GAAP-compliant accounts, or
b
does not draw up accounts at all,
this Part applies as if GAAP-compliant accounts had been drawn up.
2
Accordingly, references in this Part to amounts recognised for accounting purposes are references to amounts that would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.
3
For this purpose a period of account is relevant to a later period if the accounts for the later period rely to any extent on amounts derived from the earlier period.
4
In this section “GAAP-compliant accounts” means accounts drawn up in accordance with generally accepted accounting practice.
Pt. 8C inserted (18.11.2015) (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(3)