Section 1307 | Apportionment etc of miscellaneous profits and losses to accounting period

(1)This section applies if—

(a)income is chargeable to corporation tax under or by virtue of any provision to which section 1173 of CTA 2010 applies, and^F1

(b)any period for which accounts are drawn up (a “period of account”) does not coincide with an accounting period.

(2)For this purpose the reference to any provision to which section 1173 of CTA 2010 applies is to be read as if subsection (3) of that section were omitted (exclusion of Chapter 8 of Part 10 so far as relating to income which arises from a source outside the United Kingdom).^F2

(3)Any of the following steps may be taken if they are necessary in order to arrive at the profits or losses of the accounting period—

(a)apportioning the profits or losses of a period of account to the parts of that period falling in different accounting periods, and

(b)adding the profits or losses of a period of account (or part of a period) to profits or losses of other periods of account (or parts).

(4)The steps must be taken by reference to the number of days in the periods concerned.