Part 5 Commencement and Transitional Provision
Finance Act 2024 (2024 c 3) | Legislation

Part 5 Commencement and Transitional Provision

General commencement

16

(1)     No election under section 1179B(1) of CTA 2009 may be made in a company tax return for an accounting period ending before 1 January 2024.

(2)     The amendments made by Parts 3 and 4 of this Schedule have effect in relation to accounting periods beginning on or after 1 April 2027.

Closure of existing regimes to new productions

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A company is not to be treated as carrying on a separate trade under Part 15, 15A or 15B of CTA 2009 if the trade would be treated under that Part as beginning on or after 1 April 2025.

Opting into new regime during transitional period

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(1)     If a company makes an election under section 1179B(1) of CTA 2009 in its company tax return for an accounting period beginning before 1 January 2024—

(a)     Part 14A of CTA 2009 applies further to that election only in respect of the portion of the accounting period that falls on or after that date, and

(b)     the relevant existing regime applies in respect of the portion of the accounting period that falls before that date.

(2)

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