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Finance Act 2019

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This is the original version (as it was originally enacted).

Interest allowance (alternative calculation) election: changes in accounting policy

10(1)Section 426 (changes in accounting policy in cases where interest allowance (alternative calculation) election has effect) is amended as follows.

(2)In subsection (3)—

(a)after “means” insert “the following provisions as modified by subsection (4)”, and

(b)after paragraph (a) insert—

“(ab)sections 261 and 262 of that Act (property profits);”.

(3)For subsection (4) substitute—

“(4)The provisions mentioned in subsection (3)—

(a)are to have effect for the purposes of this section as if their application were limited to cases where there is a change of accounting policy and as if any election had been made under the provisions, and

(b)are to have effect subject to any modifications necessary for the purposes of this section.”

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