Corporation Tax Act 2010 section 357YE

Period in which amounts are to be brought into account

Section 357YE establishes the accounting period in which restitution interest must be recognised for corporation tax purposes, applying generally accepted accounting practice and allowing for retrospective adjustments where necessary.

• Restitution interest is brought into account for any period based on amounts recognised in the company's profit or loss under generally accepted accounting practice (GAAP).
• Where Condition A in section 357YC is met after the end of the relevant accounting period, retrospective adjustments must be made.
• Normal time limits for making tax adjustments are disapplied to ensure corrections can always be carried out.
• The section ensures that the timing of recognition follows standard accounting principles, with a safety net for late-qualifying amounts.