Part 7Derivative contracts
Chapter 3Credits and debits to be brought into account: general
Amounts recognised in determining a company's profit or loss
598Regulations about recognised amounts
(1)
The Treasury may by regulations make provision—
(a)
excluding amounts of a specified description from section 597(1) (amounts recognised in determining a company's profit or loss),
(b)
requiring amounts of a specified description which are not within section 597(1) to be brought into account in determining a company's profit or loss for a period in specified circumstances, and
(c)
as to the way in which any such amounts are to be brought into account.
(2)
For the purposes of subsection (1)(b), it does not matter whether the amounts are not within section 597(1) because of regulations under subsection (1)(a) or otherwise.
(3)
The regulations may (in particular) make provision by reference to the fact that amounts derive from or otherwise relate to amounts brought into account in a specified way in a previous period of account.
(4)
The regulations may—
(a)
make different provision for different cases, and
(b)
make provision subject to an election or to other specified conditions.
(5)
The regulations may apply, exclude or modify any of the provisions of this Part in relation to cases for which provision is made by the regulations.
(6)
The regulations may apply to periods of account beginning before they are made, but not earlier than the beginning of the calendar year in which they are made.