Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 2: Trading income

Chapter 15: Basis periods
Section 201: Tax year in which there is no accounting date

830.This section deals with the case where there is no accounting date in a tax year. It is based on section 60(3)(b) of ICTA.

831.This section does not apply if there is no accounting date in a tax year because there is a change of accounting date effected by a period of account which entirely spans the year in question. In that case section 214 applies and treats an accounting date as falling in the spanned year.