Part 3 Commencement and Transitional Provisions
Finance Act 2019 (2019 c 1) | Legislation

Part 3 Commencement and Transitional Provisions

Commencement

35

This Schedule comes into force on 6 April 2020 (“the commencement date”).

Transitional provisions

36

Where a period of account of a company begins before and ends on or after the commencement date, it is to be assumed for the purposes of the amendments made by this Schedule—

(a)     that the period (“the straddling period of account”) consists of two separate periods of account—

(i)     the first beginning with the date on which the straddling period of account begins and ending with 5th April 2020, and

(ii)     the second beginning with the commencement date and ending with the date on which the straddling period of account ends, and

(b)     that separate accounts have been drawn up for each of those separate periods in accordance with generally accepted accounting practice.

37

(1)     This paragraph applies if—

(a)     in a tax year ending before the commencement date a company makes a loss in a UK property business that is within the charge to income tax,

(b)     relief for the purposes of income tax is not given to the company for an amount of the loss (“the unrelieved amount”),

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

Fraud by false representation

Fraud by false representationFraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the

LEXISNEXIS

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to

In a business-to-business contract where a contractual long-stop date has passed but the parties wish to continue with the contract, should they document their intention to continue or enter into a new contract?Long-stop dateAs stated in the Drafting Notes to clause: Long-stop date definition, the

LEXISNEXIS

What happens when a client receives a custodial sentence?

What happens when a client receives a custodial sentence?This Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the