Corporation Tax Act 2009 section 310

Power to make regulations about recognised amounts

Section 310 gives the Treasury the power to make regulations that modify how recognised amounts under section 308 are brought into account for loan relationship purposes.

• The Treasury may make regulations excluding specified types of amounts from the general rule in section 308(1) that requires recognised amounts to be brought into account as credits or debits
• Where amounts are excluded by such regulations, alternative rules can be set for how and when those amounts are instead brought into account
• Regulations can disapply section 308(1) for amounts in a current period where those amounts derive from or relate to amounts already brought into account in a previous period
• Regulations may apply retrospectively to accounting periods beginning earlier in the same calendar year in which the regulations are made, but no further back