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Finance Act 1994
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204Basis of assessment on discontinuance
For section 63 of the Taxes Act 1988 there shall be substituted the following section—
“63Basis of assessment on discontinuance
Where a trade, profession or vocation is permanently discontinued in a year of assessment other than the commencement year, the basis period for the year shall be the period beginning—
(a)where the year is the year next following the commencement year, immediately after the end of the commencement year, and
(b)in any other case, immediately after the end of the basis period for the preceding year of assessment,
and (in either case) ending with the date on which the trade, profession or vocation is permanently discontinued.”
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