Corporation Tax Act 2009 (c. 4)

Part 8 U.K. Intangible fixed assets

Chapter 1 U.K. Introduction

Accounting rules and definitions U.K.

717 Companies without GAAP-compliant accounts U.K.

(1) If a company—

(a) draws up accounts that are not GAAP-compliant accounts, or

(b) does not draw up accounts at all,

this Part applies as if GAAP-compliant accounts had been drawn up.

(2) References in this Part to amounts recognised for accounting purposes are references to the amounts which would have been recognised if GAAP-compliant accounts had been drawn up for the period of account in question and any relevant earlier period.

(3) For this purpose a period of account is relevant to a later period if the accounts for the later period rely to any extent on amounts derived from the earlier period.