Section 598 — Corporation Tax Act 2009: Regulations about recognised amounts

Regulations about recognised amounts 598 1 The Treasury may by regulations make provision—

a excluding amounts of a specified description from section 597(1) (amounts recognised in determining a company's profit or loss),

b requiring amounts of a specified description which are not within section 597(1) to be brought into account in determining a company's profit or loss for a period in specified circumstances, and c as to the way in which any such amounts are to be brought into account.

2 For the purposes of subsection (1)(b), it does not matter whether the amounts are not within section 597(1) because of regulations under subsection (1)(a) or otherwise.

3 The regulations may (in particular) make provision by reference to the fact that amounts derive from or otherwise relate to amounts brought into account in a specified way in a previous period of account.

4 The regulations may—

a make different provision for different cases, and b make provision subject to an election or to other specified conditions.

5 The regulations may apply, exclude or modify any of the provisions of this Part in relation to cases for which provision is made by the regulations.

6 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.