CTA09/S613-615

Company periods of account beginning on or after I January 2016

The provisions relating to changes in accounting basis were rewritten by F(2)A15. CTA09 S613 and 614 set out a simple but comprehensible rule for dealing with a change in the ‘adjusted tax carrying value’ of an asset or liability arising either from a change in accounting basis, or a company's tax status (such as becoming connected to another company), that requires a change in the accounting basis to be applied for tax. The rules work in the same way as those for loan relationships, see guidance beginning at CFM33140.

Tax-adjusted carrying value is defined in S702, see CFM52033.

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