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Finance Act 2002
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- 2002 c. 23
- SCHEDULE 22
- Part 5
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- Act amendment to earlier affecting provision SI 2006/3271 regs. 22-24 by S.I. 2007/2146 reg. 22-24
- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
- Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)
- Act modified by S.I. 2006/3271 reg. 37-41
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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- s. 85A inserted by 2005 c. 22 s. 52
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Commencement Orders bringing provisions within this Act into force:
- S.I. 2003/88 art. 2 3 commences (2002 c. 23)
- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/1472 art. 2 commences (2002 c. 23)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3043 art. 2 commences (2002 c. 23)
- S.I. 2003/3086 art. 2 commences (2002 c. 23)
- S.I. 2004/689 art. 2 commences (2002 c. 23)
- S.I. 2005/2007 art. 2 commences (2002 c. 23)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1444 art. 2 commences (2005 c. 14)
- S.I. 2006/982 art. 2 commences (2005 c. 22)
- S.I. 2006/3399 art. 2 commences (2006 c. 25)
- S.I. 2007/3546 art. 3 Sch. commences (2007 c. 17)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2009/3250 art. 2 commences (2007 c. 29)
Part 5E+W+S+N.I.Commencement
General ruleE+W+S+N.I.
16The provisions of this Schedule apply to a change of basis taking effect in a period of account ending on or after 1st August 2001.
Application of provisions to certain earlier changes of basisE+W+S+N.I.
17(1)So far as they relate to a change of basis within—
(a)paragraph 6 (no adjustment for certain expenses previously brought into account), or
(b)paragraph 8 (change from realisation basis to mark to market),
the provisions of this Schedule apply to a change of basis taking effect in a period of account ending before 1st August 2001 if a relevant return is delivered or voluntarily amended by the taxpayer on or after that date.
(2)For the purposes of sub-paragraph (1) a “relevant return” means—
(a)a return under section 8 or 8A of the Taxes Management Act 1970 (c. 9) (personal or trustee return),
(b)a partnership return, or
(c)a company tax return,
for the period in which the change of basis took effect or a subsequent period of account ending before 1st August 2001.
(3)The reference in sub-paragraph (1) to the voluntary amendment of such a return is to—
(a)an amendment under section 9ZA or 12ABA of the Taxes Management Act 1970 (amendment of personal, trustee or partnership return by taxpayer), or
(b)an amendment of a company tax return by the company otherwise than in response to a closure notice.
(4)An adjustment that would be required by virtue of this paragraph to be given effect in a period of account ending before 1st August 2001 shall be given effect in the first period of account ending on or after that date.
Period in which change of basis takes effectE+W+S+N.I.
18The references in paragraphs 16 and 17 to the period of account in which a change of basis takes effect are to the first period of account in which the new basis is adopted.
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