Section 495 | Financial statements: different treatment by group or members

(1)The Commissioners may make regulations for the purpose of altering any calculation under Chapter 7 where—

(a)the financial statements of a worldwide group for a period include or omit an amount in respect of any matter, and

(b)any member of the group deals with that matter for tax or accounting purposes in a different way.

(2)The regulations—

(a)may make provision subject to an election or other specified circumstances, and

(b)may make provision having effect in relation to any period beginning before the regulations are made if the period begins at some time in the calendar year in which the regulations are made.