Introduction Overview Overview Section 383: Income and matching expense in different accounting periods
1174.This section provides for an accounting period to end if there is a “qualifying change of ownership” in relation to a company within the charge to corporation tax carrying on a business of leasing plant or machinery otherwise than in partnership. It is based on paragraph 3 of Schedule 10 to FA 2006.
1175.On the day the accounting period ends the company is treated as receiving an amount of income which is brought into account for that accounting period for corporation tax purposes. See subsections (2) and (3).
1176.On the following day the company is treated as incurring an expense which is brought into account for a new accounting period for corporation tax purposes. See subsections (4) and (5).