Corporation Tax Act 2010 section 932

Periods of account and related periods of account and accounting periods

Section 932 defines "period of account" for the purposes of Part 21 (leasing arrangements) and explains how periods of account and accounting periods relate to each other, including transitional rules for periods straddling 26 November 1996.

• A "period of account" means a period for which a company draws up its accounts, but generally excludes any period beginning before 26 November 1996.
• Where a period of account straddles 26 November 1996 (starting before and ending on or after that date), it is split into two separate periods of account at that date.
• An accounting period is "related to" a period of account if the accounting period includes the whole or any part of that period of account, and vice versa.
• The exclusion of pre-26 November 1996 periods does not apply to sections 901 to 904, which deal with the application and scope of the finance lease provisions in Chapter 2.