Corporation Tax Act 2009 section 51

Adjustment on change of basis

Section 51 establishes when the rules on adjustments for a change of accounting basis apply to property businesses, setting a commencement date linked to periods of account ending after 31 March 2009.

• Sections 261 and 262 of the Corporation Tax Act 2009 govern how adjustments are calculated and given effect when a property business changes its accounting basis.
• These rules apply where the change of basis takes effect for a period of account ending after 31 March 2009.
• The change of basis is treated as taking effect in the first period of account for which the new basis is actually adopted.
• This transitional provision ensures the new statutory rules apply prospectively from the commencement of the Corporation Tax Act 2009.