Part 2 Other Provisions Connected with Accounting Practice
Finance Act 2005 (2005 c 7) | Legislation

Part 2 Other Provisions Connected with Accounting Practice

ICTA

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In section 43A of ICTA (rent factoring: meaning of “finance agreementâ€), in subsection (3) (reference to consolidated group accounts), omit paragraphs (a) and (b) and the word “and†preceding paragraph (a).

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(1)     Section 747A of ICTA (special rule requiring chargeable profits of controlled foreign companies to be computed in currency of accounts of company's first relevant accounting period) shall cease to have effect.

(2)     This amendment has effect in relation to accounting periods beginning on or after 16th March 2005.

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Section 836A of ICTA (meaning of generally accepted accounting practice) shall cease to have effect.

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