Ending of accounting period of the target trustU.K.
This section has no associated Explanatory Memorandum
79.—(1) An accounting period of the target trust (the “pre-transfer accounting period”) ends immediately before the transfer date; and, for the purposes of the Corporation Tax Acts, the whole of the scheme property of the target trust that is available for transfer is treated as having been transferred immediately after the end of that accounting period.
(2) This regulation applies despite anything in section 12(1) to (7) of ICTA (periods of assessment for corporation tax).