Section 371VB | Accounting periods

(1)This section applies for the purposes of this Part.

(2)An accounting period of a CFC begins—

(a)when the CFC becomes a CFC, or

(b)immediately after the end of the previous accounting period of the CFC, if the CFC is still a CFC.

(3)An accounting period of a CFC comes to an end on the occurrence of any of the following—

(a)the CFC ceasing to be a CFC,

(b)the CFC becoming, or ceasing to be, liable to tax in a territory by reason of domicile, residence or place of management,

(c)the CFC ceasing to have any source of income at all, or

(d)a company which has a relevant interest in the CFC ceasing to have any relevant interest in the CFC at all or ceasing to be within the charge to corporation tax.

(4)Without affecting subsections (2) and (3), sections 10(1)(a) to (d), (i) and (j) and (5), 11(1) and (2) and 12 of CTA 2009 (corporation tax accounting periods) apply as they apply for corporation tax purposes.

(5)Subsection (6) applies if it appears to an officer of Revenue and Customs that the beginning or end of a CFC's accounting period is uncertain.

(6)An officer of Revenue and Customs may by notice specify as an accounting period of the CFC such period not exceeding 12 months as the officer considers appropriate.

(7)Subsection (8) applies if after the giving of a notice under subsection (6)—

(a)further facts come to the knowledge of an officer of Revenue and Customs, and

(b)as a result of that, it appears to an officer of Revenue and Customs that any accounting period specified in the notice is not the true accounting period.

(8)An officer of Revenue and Customs must by notice amend the notice under subsection (6) so as to specify what appears to the officer to be the true accounting period.

(9)A notice under subsection (6) or (8) must be given to each company which the officer of Revenue and Customs considers would be likely to be a chargeable company were the CFC charge to be charged in relation to the CFC's accounting period in question.