218 Commencement, transitional provisions and savings.U.K.
(1)Unless the contrary intention appears, this Chapter—
(a)except in its application to a trade set up and commenced on or after 6th April 1994 or income from a source arising to a person on or after that date, has effect as respects the year 1996-97 and subsequent years of assessment, and
(b)in its application to a trade so set up and commenced or income from a source so arising, has effect as respects the year 1994-95 and subsequent years of assessment.
[F1(1A)In a case where—
(a)a trade is set up and commenced by a company, and
(b)it is not set up and commenced before 6th April 1994,
sections 213(4) and (8) and 214(4) and (6) have effect only if it is set up and commenced on or after 6th April 1995.]
(2)Any reference in subsection (1) above to a trade includes a reference to a profession, vocation, employment or office.
(3)Where the first underwriting year of the underwriting business of a member of Lloyd’s is the year 1994, subsection (1) above shall have effect in relation to that business as if it had been set up and commenced on 6th April 1994.
(4)Where, as respects income from any source, income tax is to be charged under Case IV or V of Schedule D by reference to the amounts of income received in the United Kingdom, the source shall be treated for the purposes of subsection (1) above as arising on the date on which the first amount of income is so received.
(5)This Chapter shall have effect subject to the transitional provisions and savings contained in Schedule 20 to this Act.