Finance Act 2021 (c. 26)

SCHEDULES

SCHEDULE 8 U.K. Relief from corporation tax for losses and other amounts

PART 3 U.K. Commencement and transitional provision

Commencement U.K.

16 (1) The amendments made by paragraphs 2 and 3 have effect in relation to accounting periods beginning on or after 1 April 2017. U.K.

(2) Where a company has an accounting period beginning before 1 April 2017 and ending on or after that date (“the straddling period”)—

(a) so much of the straddling period as falls before 1 April 2017, and so much of that period as falls on or after that date, are treated as separate accounting periods, and

(b) where it is necessary to apportion an amount for the straddling period to the two separate accounting periods, it is to be apportioned—

(i) in accordance with section 1172 of CTA 2010 (time basis), or

(ii) if that method would produce a result that is unjust or unreasonable, on a just and reasonable basis.

17 U.K. The amendments made by paragraphs 4, 6 and 11 have effect in relation to accounting periods beginning on or after 1 April 2021.

18 U.K. The amendments made by paragraph 7 have effect as if they had been made by Schedule 4 to FA 2020 (see Part 3 of that Schedule).

19 U.K. The amendments made by paragraphs 9 and 10 are to be treated as having always had effect.

20 U.K. The amendments made by paragraph 12 have effect in relation to a group allowance allocation statement submitted under section 269ZT or 269ZU of CTA 2010 in respect of an accounting period beginning on or after 1 April 2021.

21 U.K. The amendments made by paragraphs 14 and 15 have effect in relation to an acquisition that takes place on or after 1 April 2021.