Part 2Trading income
C1C3C2 Chapter 15Basis periods
Pt. 2 Ch. 15 applied (with application in accordance with Sch. 1 para. 62 of the amending Act) by Finance Act 2022 (c. 3), Sch. 1 para. 63
Pt. 2 Ch. 15 applied (with application in accordance with Sch. 1 para. 64 of the amending Act) by Finance Act 2022 (c. 3), Sch. 1 para. 65
Special rules if accounting date changes
215C3C2Change of accounting date in third tax year
1
This section applies if—
a
a change of accounting date occurs in the third tax year in which a person carries on a trade,
b
the person does not permanently cease to carry on the trade in that tax year, and
c
the accounting date in that tax year falls more than 12 months after the end of the basis period for the second tax year in which the person carries on the trade.
2
The basis period—
a
begins immediately after the end of the basis period for the second tax year in which the person carries on the trade, and
b
ends with the accounting date in the third tax year in which the person carries on the trade.
Pt. 2 Ch. 15 excluded (14.2.2006 with effect as mentioned in reg. 1(2) of the amending S.I.) by S.I. 1997/2681 reg. 6(1)(a) as amended by The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006 (S.I. 2006/111), reg. 8