No versions valid at: 06/04/2006
Point in time view as at 06/04/2006. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: Accounting periods of less than twelve months.
Valid from 19/07/2006
11(1)This paragraph applies where by reason of—U.K.
(a)a change of accounting date,
(b)the company entering administration (see section 12(7ZA) of ICTA), or
(c)an insurance business transfer scheme (see section 12(7A) and (7B) of that Act),
an accounting period to which paragraph 10 applies is a period of less than twelve months (a “short period”).
(2)In relation to a short period the references in that paragraph to one-third of the amount of the original adjustment shall be read as references to the proportion of that amount that the period bears to twelve months.
(3)Where any of the accounting periods of the company falling within the period of six years following the change of accounting approach is a short period—
(a)the rule in paragraph 10(3) applies in relation to every accounting period after the third and before that in which the sixth anniversary of the change of accounting approach falls, and
(b)the rule in paragraph 10(4) applies in relation to the accounting period in which that anniversary falls.
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