F1Part 1Capital gains tax and corporation tax on chargeable gains

Chapter 2Corporation tax on chargeable gains

Application of CGT principles etc

2DApplication of CGT principles in calculating gains and losses

(1)

The total amount of chargeable gains to be included in a company's total profits for an accounting period is calculated for corporation tax purposes in accordance with capital gains tax principles.

(2)

All of the following questions are determined in accordance with the enactments relating to capital gains tax as if accounting periods were tax years—

(a)

any question as to the amounts to be, or not to be, taken into account as chargeable gains or allowable losses,

(b)

any question as to the amounts to be, or not to be, taken into account in calculating gains or losses,

(c)

any question as to the amounts charged to tax as a company's gains, and

(d)

any question as to the time when any amount is treated as accruing.

(3)

This section is subject to any provision made elsewhere by the Corporation Tax Acts.