Part 2

Trading income
Chapter 2

Income taxed as trade profits

Charge to tax on trade profits

Rule if trader starts to carry on trade after 31 March
7B
1
This section applies if, in a tax year (“the relevant tax year”), the trader—
a
starts to carry on the trade after 31 March, and
b
does not permanently cease to carry on the trade.
2
For the purposes of this Chapter—
a
the profits or losses of the trade of the relevant tax year are treated as nil, and
b
the actual profits or losses of the trade of the relevant tax year are treated as arising in the following tax year.
Ss. 7A-7D inserted (with effect in accordance with s. 61(1)(3) of the amending Act) by Finance Act 2022 (c. 3), Sch. 1 para. 3