- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2014.
Corporation Tax Act 2009, Section 180 is up to date with all changes known to be in force on or before 31 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This Chapter applies if—
(a)a company carrying on a trade changes, from one period of account to the next, the basis on which profits of the trade are calculated for corporation tax purposes,
(b)the old basis accorded with the law or practice applicable in relation to the period of account before the change, and
(c)the new basis accords with the law and practice applicable in relation to the period of account after the change.
(2)The practice applicable in any case means the accepted practice in cases of that description as to how profits of a trade should be calculated for corporation tax purposes.
(3)A company changes the basis on which profits of a trade are calculated for corporation tax purposes if the company makes—
(a)a [F1change of accounting policy] (see subsection (4)), or
(b)a change in the tax adjustments applied (see subsections (5) and (6)).
[F2(4)A “change of accounting policy” includes, in particular—
(a)a change from using UK generally accepted accounting practice to using generally accepted accounting practice with respect to accounts prepared in accordance with international accounting standards, and
(b)a change from using generally accepted accounting practice with respect to accounts prepared in accordance with international accounting standards to using UK generally accepted accounting practice.]
(5)A “tax adjustment” means any adjustment required or authorised by law in calculating profits of a trade for corporation tax purposes.
(6)A “change in the tax adjustments applied”—
(a)does not include a change made in order to comply with amending legislation not applicable to the previous period of account, but
(b)includes a change resulting from a change of view as to what is required or authorised by law or as to whether any adjustment is so required or authorised.
Textual Amendments
F1Words in s. 180(3)(a) substituted (with effect in accordance with s. 54(5)(6) of the amending Act) by Finance Act 2012 (c. 14), s. 54(2)(a)
F2S. 180(4) substituted (with effect in accordance with s. 54(5)(6) of the amending Act) by Finance Act 2012 (c. 14), s. 54(2)(b)
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