Partial Deeming Provisions
Other provisions in the Taxes Acts sometimes deem there to be accounting periods for specific purposes only. This is typically on the introduction of new legislation. For example, when section 75 of the Income and Corporation Taxes Act 1988 was replaced as a result of the Finance Act 2004, companies, if necessary, deemed themselves to have an accounting period ending on 31 March 2004 for the purposes of calculating management expenses that they were entitled to under the rules applying pre-1 April 2004 and post-31 March 2004.
Read more about this topic: Accounting Period (UK Taxation)
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