Taxation (International and Other Provisions) Act 2010 section 490

Meaning of "relevant accounting period"

Section 490 defines the term "relevant accounting period" for the purposes of the corporate interest restriction rules.

• A "relevant accounting period" is a company's accounting period that overlaps with the worldwide group's period of account.
• The overlap can be complete (the accounting period falls wholly within the group period) or partial (only part of the accounting period falls within the group period).
• This definition is important because it determines which company accounting periods are brought into the corporate interest restriction calculations for a given group period of account.
• A single group period of account may therefore capture multiple company accounting periods, and a single company accounting period may be relevant to more than one group period of account.