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Changes over time for: Section 81
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Version Superseded: 01/04/2009
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Point in time view as at 10/07/2008. This version of this provision has been superseded.
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2005, Section 81.
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81Computation of profits: change of accounting basisU.K.
(1)In section 64 of FA 2002 (computation of profits: adjustment on change of basis), for subsection (3) (meaning of “relevant change of accounting approach”) substitute—
“(3)A “relevant change of accounting approach” means—
(a)a change of accounting principle or practice that, in accordance with generally accepted accounting practice, gives rise to a prior period adjustment, or
(b)a change from using UK generally accepted accounting practice to using generally accepted accounting practice with respect to accounts drawn up in accordance with international accounting standards.”.
(2)In paragraphs 4(3) and 5(2) of Schedule 22 to FA 2002 (adjustments treated as arising on the last day of the first period of account for which the new basis is adopted), for “last day” substitute “ first day ”.
(3)The amendments in this section have effect for periods of account beginning on or after 1st January 2005.
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