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47The amendments made by this Schedule have effect for the tax year 2024-25 and subsequent tax years.
48(1)This paragraph has effect for the purposes of construing references in the Income Tax Acts to the cash basis in relation to the calculation of the profits of a trade (but not a property business) for a tax year before 2024-25.
(2)Any reference to calculating the profits of a trade on the cash basis is to be read as a reference to doing so in accordance with section 25A of ITTOIA 2005.
(3)Any reference to the cash basis applying (or not applying) in relation to a trade for the tax year is to be read as a reference to an election under section 25A of ITTOIA 2005 having effect (or not having effect) in relation to the trade for the tax year.
49(1)This paragraph has effect for the purposes of construing references in the Income Tax Acts to a change in the basis of calculation of the profits of a trade (but not a property business) for the tax year 2024-25.
(2)A person carrying on a trade “enters the cash basis” in relation to the trade in the tax year 2024-25 if—
(a)the cash basis applies in relation to the trade for the tax year 2024-25, and
(b)no election under section 25A of ITTOIA 2005 had effect in relation to the trade for the tax year 2023-24,
and related expressions are to be construed accordingly.
(3)A person carrying on a trade “leaves the cash basis” in relation to the trade in the tax year 2024-25 if—
(a)an election under section 25A of ITTOIA 2005 had effect in relation to the trade for the tax year 2023-24, and
(b)the cash basis does not apply in relation to the trade for the tax year 2024-25,
and related expressions are to be construed accordingly.
(4)For the purposes of this paragraph, the cash basis applies to a trade in relation to a tax year if the profits of the trade for the tax year are required by virtue of section 24A(1) of ITTOIA 2005 to be calculated in accordance with that section.
50Paragraphs 48 and 49 apply to professions and vocations as they apply to trades.
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