Corporation Tax Act 2009 (c. 4)

Part 7 U.K. Derivative contracts

Modifications etc. (not altering text)

C1 Pt. 7 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)

Chapter 4 U.K. Further provision about credits and debits to be brought into account

Adjustments on change of accounting policy U.K.

614 Change of accounting policy involving change of value U.K.

(1) If there is an increase in the carrying value of a derivative contract of the company between—

(a) the end of the earlier period, and

(b) the beginning of the later period,

a credit of an amount equal to the increase must be brought into account in accordance with this Part for the later period.

(2) If there is a decrease in the carrying value of such a derivative contract between—

(a) the end of the earlier period, and

(b) the beginning of the later period,

a debit of an amount equal to the decrease must be brought into account in accordance with this Part for the later period.

(3) This section does not apply so far as such a credit or debit as is mentioned in this section falls to be brought into account apart from this section.