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HMRC internal manual

Corporate Finance Manual

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HM Revenue & Customs
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Other tax rules on corporate finance: Change of accounting policy: overview

The Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 - SI 2004/3271

The Change of Accounting Practice Regulations have the effect of deferring or excluding certain amounts that would normally be brought into account for tax purposes on the transition to a new accounting policy. These amounts are referred to as ‘prescribed’ debits and credits and are set out in Regulation 4 (CFM76080).

Those prescribed debits and credits which are deferred are set out in Regulations 3A and 3B (CFM76090).

Those prescribed debits and credits which are excluded altogether are set out in Regulations 3A and 3B (CFM76100).