- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
53(1)Section 66A (persons leaving cash basis) is amended as follows.
(2)For subsection (1) substitute—
“(1)This section applies if—
(a)a person carrying on a trade, profession, vocation or property business (“the business”) leaves the cash basis in a chargeable period,
(b)the person has incurred expenditure at a time when the profits of the business are calculated on the cash basis,
(c)some or all of the expenditure was brought into account in calculating the profits of the business on the cash basis, and
(d)the expenditure would have been qualifying expenditure if the profits of the business had not been calculated on the cash basis at the time the expenditure was incurred.”
(3)In subsection (2)(a)—
(a)for “amount of that expenditure for which” substitute “higher of the following”,
(b)in sub-paragraphs (i) and (ii), at the beginning insert “the amount of that expenditure for which”, and
(c)in both places, for “or vocation” substitute “, vocation or property business”.
(4)After subsection (6) insert—
“(7)For the purposes of this section a person carrying on a property business leaves the cash basis in a chargeable period (“tax year X”) if the profits of the business are calculated—
(a)in accordance with GAAP (see section 271B of ITTOIA 2005) for tax year X, and
(b)on the cash basis (see section 271D of that Act) for the previous tax year.
(8)Subsection (11) of section 1A (capital allowances and charges: cash basis) applies for the purposes of this section as it applies for the purposes of that section.”
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