CTM40555 - Particular bodies: industrial and provident societies: accounting periods of retail co-operative societies

ESCC12

Many retail co-operative societies prepare accounts at half-yearly or quarterly intervals. Such periods of account would normally constitute accounting periods for CT purposes (see CTM01500 and CTM01510). The Board have, however, agreed the following treatment which is published as ESCC12.

• Accounts comprising twelve months to an agreed terminal date are to be regarded as comprising one accounting period.
• The concession is not to apply on commencement, cessation (including amalgamations and transfer of engagements), or on the occasion of a change of accounting date.

Once the concessional basis is claimed in a particular case, the society is to give the Inspector an undertaking that, apart from the circumstances in the second bullet above, it will adhere to the basis consistently.