Part 3 Changes to Accounting Standards and Tax Adjustments
Finance Act 2019 (2019 c 1) | Legislation

Part 3 Changes to Accounting Standards and Tax Adjustments

Repeal of section 53 of FA 2011

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(1)     In FA 2011, omit section 53 (leases and changes to accounting standards).

(2)     The amendment made by this paragraph has effect in relation to periods of account beginning on or after 1 January 2019.

(3)     But, for the purposes of Chapter 7 of Part 10 of TIOPA 2010 (corporate interest restriction: group-interest and group-EBITDA), the amendment made by this paragraph has effect in relation to periods of account of a worldwide group (within the meaning given by section 480 of that Act) beginning on or after 1 January 2019.

Transitional provisions following repeal of section 53 of FA 2011: introductory

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(1)     This paragraph and paragraphs 13 to 17 modify the effect of the change of basis provisions in relation to periods of account of a lessee beginning on or after 1 January 2019 if the lease is one—

(a)     in respect of which, under generally accepted accounting practice, a right-of-use asset falls (or would fall) to be recognised for accounting purposes in the accounts of the lessee for any period of account (whether beginning before or on or

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