CFM76070 | Other tax rules on corporate finance: change of accounting basis: COAP Regs: overview

SI 2004/3271

The Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004

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

How debits and credits are deferred is set out in regulations 3A and 3B (dormant accounts) (CFM76090).

Those prescribed debits and credits which are excluded altogether are set out in regulation 3C (CFM76100).