- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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7(1)This paragraph provides for ascertaining the relevant year of assessment in relation to a period of account for the purposes of this Part of this Schedule.
(2)In this Part of this Schedule—
(a)the " basis period " for any year of assessment means the the period on the profits or gains of which income tax for that year falls to be finally computed under Case I of Schedule D in respect of the trade in question, or, where, by virtue of any provision of section 115 of the Taxes Act, the profits or gains of any other period are to be taken as the profits or gains of the said period, that other period; and
(b)references to a period of account entering into a basis period are to the period of account, or any part of it, falling within or coinciding with that basis period.
(3)Where a period of account enters into the basis period for only one year of assessment, that year is the relevant year of assessment in relation to that period of account.
(4)Where a period of account enters into the basis period for more than one year of assessment, then—
(a)if it does so by virtue of section 116 or 117 of the Taxes Act (commencement of trade), the relevant year of assessment in relation to that period of account is the first year of assessment into whose basis period the period of account enters; and
(b)in any other case, the relevant year of assessment is the last such year of assessment.
(5)Where a period of account does not enter into the basis period for any year of assessment, the relevant year of assessment in relation to that period of account is that following the year of assessment in which the period of account ends.
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