353. Basis of and periods for assessment.

Except as otherwise provided by the Corporation Tax Acts1, corporation tax2 is assessed and charged for any accounting period of a company on the full amount of the profits3 arising in the period4.

An accounting period5 of a company begins:

  1.  

    (1)     when the company comes within the charge to corporation tax; or

  2.  

    (2)     immediately after the end of the previous accounting period of the company if the company is still within the charge to corporation tax6.

For these purposes, a company resident in the United Kingdom7 is treated as coming within the charge to corporation tax at the time when it