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Version Superseded: 16/11/2017
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There are currently no known outstanding effects for the Taxation (International and Other Provisions) Act 2010, Section 353AA.
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(1)The Treasury may by regulations amend this Part to take account of any relevant accounting change resulting from a change in accounting standards.
(2)“Relevant accounting change” means a change in the way in which a company is permitted or required for accounting purposes to present, or disclose amounts in, consolidated financial statements of an ultimate parent of a group and its subsidiaries.
(3)“Change in accounting standards” means the issue, revocation, amendment or recognition of, or withdrawal of recognition from, an accounting standard by an accounting body.
(4)Regulations under this section may make provision subject to an election or other specified circumstances.
(5)Regulations under this section may apply to a pre-commencement period if they make provision in relation to a relevant accounting change which may or must be adopted, for accounting purposes, for a period of account, or part of a period of account, which coincides with that pre-commencement period.
(6)A statutory instrument containing regulations under this section to which subsection (7) applies may not be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons.
(7)This subsection applies if the regulations contain any provision which has or may have the effect of increasing any person's liability to tax.
(8)Any other statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.
(9)In this section—
“accounting body” means the International Accounting Standards Board or the Accounting Standards Board, or a successor body to either of those Boards;
“accounting standard” includes any statement of practice, guidance or other similar document;
“pre-commencement period”, in relation to regulations, means an accounting period, or part of an accounting period, which begins before the regulations are made.]
Textual Amendments
F1S. 353AA inserted (with effect in accordance with Sch. 5 para. 22(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 5 para. 21
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