Corporation Tax Act 2010 section 356GA

Reference periods

Section 356GA defines what a "reference period" is for the purposes of calculating onshore allowance, by setting out how a company's accounting period is divided into consecutive blocks of days during which its licensee status and equity share remain constant.

• A company's accounting period (or the part of it during which it holds a licence) is divided into reference periods, each linked to a particular licensed site.
• A reference period is a run of consecutive days during which the company is a licensee in the licensed area at the start of every day.
• Throughout each reference period, the company's share of equity in the licensed area must remain unchanged from one day to the next.
• Every day in a reference period must fall within the relevant accounting period.