Part 3 Commencement and Transitional Provisions
Finance Act 2019 (2019 c 1) | Legislation

Part 3 Commencement and Transitional Provisions

Commencement

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This Schedule comes into force on 6 April 2020 (“the commencement dateâ€).

Transitional provisions

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Where a period of account of a company begins before and ends on or after the commencement date, it is to be assumed for the purposes of the amendments made by this Schedule—

(a)     that the period (“the straddling period of accountâ€) consists of two separate periods of account—

(i)     the first beginning with the date on which the straddling period of account begins and ending with 5th April 2020, and

(ii)     the second beginning with the commencement date and ending with the date on which the straddling period of account ends, and

(b)     that separate accounts have been drawn up for each of those separate periods in accordance with generally accepted accounting practice.

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(1)     This paragraph applies if—

(a)     in a tax year ending before the commencement date a company makes a loss in a UK property business that is within the charge to income tax,

(b)     relief for the purposes of income tax is not given to the company for an amount of the loss (“the unrelieved amountâ€),

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