5(1)The amendments made by section 24(2) and paragraph 2 of this Schedule, and section 24(5) and paragraph 3 of this Schedule so far as they relate to those amendments, have effect in relation to accounting periods beginning on or after the commencement day.
(2)If an accounting period (a “straddling period”) of a surrendering company begins before the commencement day and ends on or after that day—
(a)so much of the straddling period as falls before the commencement day, and
(b)so much of the straddling period as falls on or after that day,
are to be treated as separate periods for the purposes of the provisions mentioned in sub-paragraph (1).
(3)Any apportionment under this paragraph is to be made—
(a)on a time basis according to the respective lengths of the periods, or
(b)if that method produces a result that is unjust or unreasonable, on a just and reasonable basis.