SCHEDULES
SCHEDULE 11Corporate interest restriction
10Interest allowance (alternative calculation) election: changes in accounting policy
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.