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52Amendment of enactments that operate by reference to accounting practice

(1)    Schedule 10 makes amendments of provisions of the Tax Acts that operate by reference to accounting practice.

(2)    In that Schedule—

Part 1 makes amendments relating to loan relationships;

Part 2 makes amendments relating to derivative contracts;

Part 3 makes amendments relating to intangible fixed assets;

Part 4 makes amendments relating to foreign currency accounting.

(3)    The amendments have effect in relation to—

(a)    periods of account beginning on or after 1st January 2005, and

(b)    in the case of a company required to prepare accounts under the Companies Act 1985 or the Companies (Northern Ireland) Order 1986, any period of account beginning before that date for which the company is required or permitted to prepare such accounts in accordance with international accounting standards.

NOTES
Initial Commencement
Royal Assent

This Act received Royal Assent on 22 July 2004: for provision as to the effect of the amendments made under this section see sub-s (3) above.
Accounting92 Professions & Ethics99 Accounting Standards91 Company Law & Business Entities91 Companies & Corporate Bodies91 International Accounting Standards99 Company Accounts92 Finance & Accounting99

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