CTM34700 - Residence: dual resident companies: accounting periods straddling 1/4/87

Part I of ICTA88/SCH17 provides the rules follow when an accounting period of a dual resident investing company straddles the commencement date of 1 April 1987. For the purposes of ICTA88/S404 and the group relief provisions generally as well as Part II of ICTA88/SCH17, the 'straddling period' is divided into two separate accounting periods ('the component accounting periods'):

• one ending on 31 March 1987, and
• a new one beginning on 1 April 1987, which will end with the end of the straddling period (ICTA88/SCH17/PARA1 (3)).