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- Point in Time (02/12/2004)
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Version Superseded: 07/04/2005
Point in time view as at 02/12/2004. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Finance Act 1996, Section 85B.
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(1)Any reference in this Chapter to an amount being recognised in determining a company’s profit or loss for a period is to an amount being recognised for accounting purposes—
(a)in the company’s profit and loss account,
(b)in the company’s statement of recognised gains and losses or statement of changes in equity, or
(c)in any other statement of items brought into account in computing the company’s profits and losses for that period.
(2)Subsection (1) does not apply to an amount recognised for accounting purposes by way of correction of a fundamental error.
(3)The Treasury may by regulations—
(a)make provision excluding from subsection (1) amounts of a prescribed description, and
(b)make provision for or in connection with bringing into account in prescribed circumstances amounts in relation to which subsection (1) does not have effect by virtue of regulations under paragraph (a) above.
(4)The regulations may provide that subsection (1) does not apply to prescribed amounts in a period of account to the extent that they derive from or otherwise relate to amounts brought into account in a prescribed manner in a previous period of account.
(5)The power to make regulations under this section includes—
(a)power to make different provision for different cases; and
(b)power to make provision subject to an election or to other prescribed conditions.
(6)The power to make regulations under this section does not apply to exchange gains or losses (but see section 84A(3A)and (8) to (10)).]
Textual Amendments
F1Ss. 85A, 85B substituted for ss. 85, 86 (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 3
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