31(1)Part 7 of this Act does not have effect in relation to periods of account of the worldwide group that begin before 1 January 2010 (but see also sub-paragraphs (2) and (3)).
(2)Sub-paragraph (3) applies in relation to a period of account of the worldwide group (“the relevant period of account”) if—
(a)the ultimate parent of the group changes the date to which financial statements of the group are drawn up,
(b)as a result of the change, the relevant period of account—
(i)begins before 1 January 2010, and
(ii)includes a period that would, if the change had not been made, have fallen within a period of account beginning on or after that date, and
(c)the main purpose, or one of the main purposes, of the ultimate parent of the group in making the change is to secure that the first period of account in relation to which Part 7 has effect does not include any period falling within the relevant period of account.
(3)The relevant period of account is treated for the purposes of sub-paragraph (1) as not beginning before 1 January 2010.
32(1)An amount that would, apart from this paragraph, meet condition A, B or C in section 313 (definition of “financing expense amount”) does not meet that condition if it is a debit that, but for a relevant enactment, would be brought into account for corporation tax purposes in an accounting period beginning before 1 January 2010.
(2)For this purpose the following are “relevant enactments”—
(a)section 373 of CTA 2009 (late interest treated as not accruing until paid in some cases),
(b)section 407 of that Act (postponement until redemption of debits for connected companies’ deeply discounted securities),
(c)section 409 of that Act (postponement until redemption of debits for close companies’ deeply discounted securities), and
(d)regulation 3A of the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (S.I. 2004/3271) (prescribed debits and credits brought into account over prescribed period).
(3)An amount that would, apart from this paragraph, meet condition A, B or C in section 314 (definition of “financing income amount”) does not meet that condition if it is a credit that, but for the regulation mentioned in sub-paragraph (2)(d), would be brought into account for corporation tax purposes in an accounting period beginning before 1 January 2010.