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Changes over time for: Cross Heading: Treatment of adjustment income and adjustment expense


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 06/04/2007.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Cross Heading: Treatment of adjustment income and adjustment expense.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Treatment of adjustment income and adjustment expenseU.K.
333Treatment of adjustment incomeU.K.
(1)Adjustment income is treated as arising on the last day of the first period of account for which the new basis is adopted.
(2)But if there is a change of basis resulting from a tax adjustment affecting the calculation of any amount brought into account in respect of depreciation, adjustment income is treated as arising only when the asset to which it relates is realised or written off.
(3)Adjustment income is treated for the purposes of [Part 4 of ITA 2007](loss relief) as profits of the UK property business for the tax year in which tax is charged on it.
334Treatment of adjustment expenseU.K.
(1)An adjustment expense is treated as an expense of the business arising on the last day of the first period of account for which the new basis is adopted.
(2)But if there is a change of basis resulting from a tax adjustment affecting the calculation of any amount brought into account in respect of depreciation, an adjustment expense is treated as arising only when the asset to which it relates is realised or written off.
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