31CommencementU.K.
(1)The deduction cases provisions have effect in relation to accounting periods of a company beginning on or after 16th March 2005.
(2)Where an accounting period of a company begins before, and ends on or after 16th March 2005, it shall be assumed for the purposes of the deduction cases provisions (and subsection (1) of this section) that that accounting period (“the straddling period”) consists of two separate accounting periods—
(a)the first beginning with the straddling period and ending with 15th March 2005, and
(b)the second beginning with 16th March 2005 and ending with the straddling period,
and the company's profits and losses shall be computed accordingly for tax purposes.
(3)The deduction cases provisions do not have effect so far as regards a transaction to which a company is party on 16th March 2005 and which on that date forms part of a scheme, if—
(a)the company is not on 16th March 2005 connected with a person who is on that date also party to, or concerned in, the scheme, and
(b)the scheme ceases to exist before 31st August 2005.
Section 839 of ICTA applies for the purposes of this subsection.
(4)The receipts cases provisions have effect in relation to any contribution to the capital of a company resident in the United Kingdom that is made on or after 16th March 2005.
(5)In this section—
“the deduction cases provisions” means—
(a)sections 24 and 25 and Schedule 3, and
(b)sections 28 to 30 so far as relating to the provisions in paragraph (a);
“the receipts cases provisions” means—
(a)sections 26 and 27, and
(b)sections 28 to 30 so far as relating to the provisions in paragraph (a).