Corporation Tax Act 2009 section 319

General power to make regulations about changes in accounting policy

Section 319 gives the Treasury a broad power to make regulations governing how credits and debits from loan relationships are brought into account for corporation tax purposes when a company changes its accounting policy.

• The Treasury may make regulations where a change in accounting policy between periods of account affects the amounts brought into account for a company's loan relationships.
• Regulations can prevent credits or debits from being brought into account at all, limit them to a specified extent, or spread them over a specified period or restrict them to specified circumstances.
• The regulations can apply retrospectively to periods of account beginning before the regulations are made, but no earlier than the start of the calendar year in which they are made.
• The regulations may make different provision for different cases and include incidental, supplemental, consequential and transitional provision and savings.