Section 314 — Corporation Tax Act 2009: Power to make regulations about changes from amortised cost basis

Power to make regulations about changes from amortised cost basis 314 1 This section applies if the credits or debits to be brought into account for the purposes of this Part in respect of assets or liabilities of a company—

a are required in accordance with generally accepted accounting practice to be dealt with for accounting purposes using fair value accounting, and b were previously dealt with for those purposes on an amortised cost basis.

2 The Treasury may by regulations provide that the credits or debits must continue to be determined on an amortised cost basis of accounting.

3 The regulations may—

a make different provision for different cases, b make incidental, supplemental, consequential and transitional provision and savings, and c make provision subject to an election or to other specified conditions.