Part 3

Property income
Chapter 3

Profits of property businesses: basic rules

Apportionment of profits

Rule if there is a late accounting date
275B
1
This section applies if, in a tax year (“the relevant tax year”), the person carrying on the business—
a
does not start to carry it on or starts to carry it on before 1 April,
b
does not permanently cease to carry it on, and
c
has an accounting date that is 31 March or 1, 2, 3 or 4 April.
2
For the purposes of this Part—
a
the profits or losses of the business of the period beginning with the day after the accounting date and ending with 5 April in the relevant tax year are treated as nil, and
b
the actual profits or losses of the business of that period are treated as arising in the following tax year.
3
In this section, “
accounting date
” in relation to a tax year means—
a
the date in the tax year to which accounts are drawn up, or
b
if there are two or more such dates, the latest of them.
Ss. 275A-275C inserted (for the tax year 2023-24 and subsequent tax years) by Finance Act 2022 (c. 3), s. 8(3)(4)