http://www.legislation.gov.uk/ukpga/2020/14/section/35Finance Act 2020An Act to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.texttext/xmlenStatute Law Database2024-05-18Expert Participation2024-02-22PART 1Income tax, corporation tax and capital gains taxMiscellaneous measures affecting companies
35Changes to accounting standards affecting leases1

Schedule 14 to FA 2019 (leases: changes to accounting standards etc) is amended as follows.

2

In paragraph 13 (cases where asset first recognised for period of account beginning on or after 1 January 2019), for sub-paragraph (1) substitute—

1

This paragraph applies if the first period of account for which the right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee begins on or after 1 January 2019 (referred to in the following provisions of this paragraph as “the first period of account”).

3

For paragraph 14 (cases where asset first recognised for a period of account beginning before 1 January 2019) substitute—

141

This paragraph applies if the first period of account for which the right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee begins before 1 January 2019.

2

The change of basis provisions and this Part of this Schedule have effect—

a

as if there were a change of accounting policy with respect of the accounts of the lessee for the first period of account beginning on or after 1 January 2019, and

b

as if that period of account were the first period of account for which the right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee.

4

Schedule 14 to FA 2019 has effect, and is to be deemed always to have had effect, with the amendments made by this section.

This XML file does not appear to have any style information associated with it. The document tree is shown below.
<akomaNtoso xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xsi:schemaLocation="http://docs.oasis-open.org/legaldocml/ns/akn/3.0 http://docs.oasis-open.org/legaldocml/akn-core/v1.0/cos01/part2-specs/schemas/akomantoso30.xsd">
<portion includedIn="http://www.legislation.gov.uk/id/ukpga/2020/14">
<meta>
<identification source="#source">
<FRBRWork>
<FRBRthis value="http://www.legislation.gov.uk/id/ukpga/2020/14"/>
<FRBRuri value="http://www.legislation.gov.uk/id/ukpga/2020/14"/>
<FRBRdate date="2020-07-22" name="enacted"/>
<FRBRauthor href="http://www.legislation.gov.uk/id/legislature/UnitedKingdomParliament"/>
<FRBRcountry value="GB-UKM"/>
<FRBRnumber value="14"/>
<FRBRname value="2020 c. 14"/>
<FRBRprescriptive value="true"/>
</FRBRWork>
<FRBRExpression>
<FRBRthis value="http://www.legislation.gov.uk/ukpga/2020/14/section/35"/>
<FRBRuri value="http://www.legislation.gov.uk/ukpga/2020/14"/>
<FRBRdate date="2024-02-22" name="validFrom"/>
<FRBRauthor href="#source"/>
<FRBRlanguage language="eng"/>
</FRBRExpression>
<FRBRManifestation>
<FRBRthis value="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.akn"/>
<FRBRuri value="http://www.legislation.gov.uk/ukpga/2020/14/data.akn"/>
<FRBRdate date="2024-11-06Z" name="transform"/>
<FRBRauthor href="http://www.legislation.gov.uk"/>
<FRBRformat value="application/akn+xml"/>
</FRBRManifestation>
</identification>
<lifecycle source="#source">
<eventRef date="2020-07-22" type="generation" eId="enacted-date" source="#source"/>
<eventRef date="2020-07-22" type="amendment" source="#source"/>
<eventRef date="2020-07-22" eId="effective-date-1" source="#source"/>
<eventRef date="2024-02-22" eId="effective-date-2" source="#source"/>
</lifecycle>
<analysis source="#source">
<restrictions source="#source">
<restriction refersTo="#e+w+s+ni" type="jurisdiction"/>
</restrictions>
</analysis>
<temporalData source="#source">
<temporalGroup eId="period1">
<timeInterval start="#effective-date-1" refersTo="#period-concept1"/>
</temporalGroup>
<temporalGroup eId="period2">
<timeInterval start="#effective-date-2" refersTo="#period-concept2"/>
</temporalGroup>
</temporalData>
<references source="#source">
<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
<TLCLocation eId="e+w+s+ni" href="/ontology/jurisdictions/uk.EnglandWalesScotlandNorthernIreland" showAs="England, Wales, Scotland, Northern Ireland"/>
<TLCConcept eId="period-concept1" href="/ontology/time/2020.07.22" showAs="since 2020-07-22"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2024.02.22" showAs="since 2024-02-22"/>
</references>
<proprietary xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" source="#source">
<ukl:RestrictStartDate value="2024-02-22"/>
<dc:identifier>http://www.legislation.gov.uk/ukpga/2020/14/section/35</dc:identifier>
<dc:title>Finance Act 2020</dc:title>
<dc:description>An Act to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.</dc:description>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-05-18</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2024-02-22</dct:valid>
<atom:link rel="self" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/ukpga/2020/14/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/ukpga/2020/14" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/ukpga/2020/14/introduction" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/ukpga/2020/14/body" title="body"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/schedules" href="http://www.legislation.gov.uk/ukpga/2020/14/schedules" title="schedules"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/ukpga/2020/14/contents" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/enacted" title="enacted"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2020/14/section/35/2020-07-22" title="2020-07-22"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/ukpga/2020/14" title="Entire legislation"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/ukpga/2020/14/section/34" title="Provision; Section 34"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/ukpga/2020/14/section/34" title="Provision; Section 34"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/ukpga/2020/14/section/36" title="Provision; Section 36"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/ukpga/2020/14/section/36" title="Provision; Section 36"/>
<ukm:PrimaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="UnitedKingdomPublicGeneralAct"/>
<ukm:DocumentStatus Value="revised"/>
</ukm:DocumentClassification>
<ukm:Year Value="2020"/>
<ukm:Number Value="14"/>
<ukm:EnactmentDate Date="2020-07-22"/>
<ukm:ISBN Value="9780105700883"/>
</ukm:PrimaryMetadata>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/ukpga/2020/14/pdfs/ukpga_20200014_en.pdf" Date="2020-07-27" Size="1133995"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="527"/>
<ukm:BodyParagraphs Value="166"/>
<ukm:ScheduleParagraphs Value="361"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="8"/>
</ukm:Statistics>
</proprietary>
</meta>
<portionBody period="#period2">
<part eId="part-1" period="#period1">
<num>
<strong>PART 1</strong>
</num>
<heading>Income tax, corporation tax and capital gains tax</heading>
<hcontainer name="crossheading" eId="part-1-crossheading-miscellaneous-measures-affecting-companies" period="#period1">
<heading>
<em>Miscellaneous measures affecting companies</em>
</heading>
<section eId="section-35" period="#period1">
<num>35</num>
<heading>Changes to accounting standards affecting leases</heading>
<subsection eId="section-35-1">
<num>1</num>
<content>
<p>Schedule 14 to FA 2019 (leases: changes to accounting standards etc) is amended as follows.</p>
</content>
</subsection>
<subsection eId="section-35-2">
<num>2</num>
<content>
<p>In paragraph 13 (cases where asset first recognised for period of account beginning on or after 1 January 2019), for sub-paragraph (1) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subsection eId="d4e96">
<num>1</num>
<content>
<p>This paragraph applies if the first period of account for which the right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee begins on or after 1 January 2019 (referred to in the following provisions of this paragraph as “the first period of account”).</p>
</content>
</subsection>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-35-3">
<num>3</num>
<content>
<p>For paragraph 14 (cases where asset first recognised for a period of account beginning before 1 January 2019) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<section eId="d4e111">
<num>14</num>
<heading/>
<subsection eId="d4e115">
<num>1</num>
<content>
<p>This paragraph applies if the first period of account for which the right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee begins before 1 January 2019.</p>
</content>
</subsection>
<subsection eId="d4e121">
<num>2</num>
<intro>
<p>The change of basis provisions and this Part of this Schedule have effect—</p>
</intro>
<paragraph eId="d4e127">
<num>a</num>
<content>
<p>as if there were a change of accounting policy with respect of the accounts of the lessee for the first period of account beginning on or after 1 January 2019, and</p>
</content>
</paragraph>
<paragraph eId="d4e133">
<num>b</num>
<content>
<p>as if that period of account were the first period of account for which the right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee.</p>
</content>
</paragraph>
</subsection>
</section>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-35-4">
<num>4</num>
<content>
<p>Schedule 14 to FA 2019 has effect, and is to be deemed always to have had effect, with the amendments made by this section.</p>
</content>
</subsection>
</section>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>