Part 3 Commencement and Anti-Forestalling Provision
Finance Act 2020 (2020 c 14) | Legislation

Part 3 Commencement and Anti-Forestalling Provision

Commencement

42

The amendments made by this Schedule have effect in relation to accounting periods beginning on or after 1 April 2020.

43

(1)     Paragraph 44 applies where a company has an accounting period beginning before 1 April 2020 and ending on or after that date (the “straddling period”).

(2)     For the purposes of paragraph 44—

(a)     the “pre-commencement period” means the part of the straddling period falling before 1 April 2020, and

(b)     the “post-commencement period” means the part of the straddling period falling on or after that date.

44

(1)     The amount of chargeable gains to be included in the company's total profits for the straddling period is the total of—

(a)     the chargeable gains accruing to the company in the pre-commencement period, after making any deductions under section 2A(1) of TCGA 1992, and

(b)     the chargeable gains accruing to the company in the post-commencement period, after making any deductions under that section.

(2)     For the purposes of sub-paragraph (1)(a) and (b), section 2A of TCGA 1992 applies as if the pre-commencement period and the post-commencement period were separate accounting periods, subject to the modification in sub-paragraph

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