Part 5 Supplementary Provision
Finance Act 2011 (2011 c 11) | Legislation

Part 5 Supplementary Provision

Netting agreements

40

(1)     The Treasury may by order add to, repeal or otherwise amend any of [paragraphs 15S to 15U, 15Z3, 15Z4, 25 and 27A to 27D].

(2)     An order under this paragraph may make consequential amendments of this Schedule.

(3)     An order under this paragraph may have retrospective effect in relation to—

(a)     any chargeable period in which the order is made, or

(b)     in the case of an order made on or before 31 December 2011, any chargeable period ending on or after 1 January 2011.

(4)     Orders under this paragraph are to be made by statutory instrument.

(5)     A statutory instrument containing an order under this paragraph may not be made unless a draft has been laid before, and approved by a resolution of, the House of Commons.

Chargeable periods: entities which do not prepare financial statements

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(1)     This paragraph applies where an entity does not prepare financial statements (consolidated or otherwise) for a period (“the relevant periodâ€).

(2)     If the relevant period is 12 months or less, this Schedule (apart from this paragraph) applies as if that period were a period of account of the entity.

(3)

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