Section 319 — Corporation Tax Act 2009: General power to make regulations about changes in accounting policy

General power to make regulations about changes in accounting policy 319 1 The Treasury may by regulations make provision for cases where there is a change of accounting policy in drawing up a company's accounts from one period of account to the next which affects the amounts to be brought into account for accounting purposes in respect of the company's loan relationships.

2 The regulations may provide for any credits or debits which would otherwise be brought into account for the purposes of this Part—

a not to be brought into account, b to be brought into account only to a prescribed extent, or c to be brought into account over a prescribed period or in prescribed circumstances.

3 Regulations under this section may, in particular, modify the operation of sections 315 to 318.

4 The regulations may make—

a different provision for different cases, and b incidental, supplemental, consequential and transitional provision and savings.

5 The regulations may apply to periods of account beginning before they are made, but not earlier than the beginning of the calendar year in which they are made.