Anti-avoidance: change of accounting period
1(1)This paragraph applies where—
(a)a company changes its accounting date in such a way that an accounting period of the company, which begins on or after 1st October 2001, ends before 30th September 2002; and
(b)the change of accounting date is or was made for the purpose, or for purposes which include the purpose, specified in sub-paragraph (2).
(2)The purpose is that of securing, in the case of any subsequent accounting period beginning before 1st October 2002,—
(a)that where an amount, or a bigger amount, would have fallen to be brought into account as a credit under Schedule 26 if that Schedule had had effect in relation to the period, no amount, or a smaller amount, falls to be brought into account in accordance with section 159 or 160 of the Finance Act 1994 (c. 9); or
(b)that where no amount, or a smaller amount, would have fallen to be brought into account as a debit under Schedule 26 if that Schedule had had effect in relation to the period, an amount, or a bigger amount, falls to be brought into account in accordance with section 159 or 160 of the Finance Act 1994 (c. 9).
(3)Where this paragraph applies, Schedule 26 shall have effect in relation to the subsequent accounting period mentioned in sub-paragraph 2 as if it were an accounting period beginning on or after 1st October 2002.
(4)For the purposes of this paragraph, references to Schedule 26 include references to—
(a)section 83(2), and
(b)any repeal of any enactment which is consequential on any provision made by or under that Schedule.