Section 465A — Corporation Tax Act 2009: Power to make regulations where accounting standards change

Power to make regulations where accounting standards change 465A 1 The Treasury may by regulations make provision for cases where, in consequence of a change in accounting standards, there is a relevant accounting change. 2 “ Change in accounting standards ” means the issue, revocation, amendment or recognition of, or withdrawal of recognition from, an accounting standard by an accounting body. 3 “ Relevant accounting change ” means a change in the way in which a company is permitted or required, for accounting purposes, to recognise amounts which—

a are brought into account by the company as credits or debits for any period for the purposes of this Part, or b would be so brought into account but for any provision made by or under this Part.

4 Regulations under subsection (1) may amend this Part (apart from this section).

5 Regulations under subsection (1) 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 other specified circumstances.

6 Regulations making consequential provision by virtue of subsection (5)(b) may, in particular, include provision amending a provision of the Corporation Tax Acts.

7 Regulations under subsection (1) may apply to a pre-commencement period if they make provision in relation to a relevant accounting change which may or must be adopted, for accounting purposes, for a period of account, or part of a period of account, which coincides with that pre-commencement period.

8 In this section— “ accounting body ” means the International Accounting Standards Board or the Accounting Standards Board, or a successor body to either of those Boards; “ accounting standard ” includes any statement of practice, guidance or other similar document; “ pre-commencement period ”, in relation to regulations, means an accounting period, or part of an accounting period, which begins before the regulations are made.