Part 2

Trading income
Chapter 2

Income taxed as trade profits

Charge to tax on trade profits

Election to disapply late accounting date rules
7D
1
The trader may make an election under this section in relation to the trade.
2
If an election under this section has effect for a tax year, neither of sections
7B
and
7C
apply in relation to the trade for that tax year.
3
An election under this section—
a
must be made on or before the first anniversary of the normal self-assessment filing date for the first tax year for which it is to have effect, and
b
has effect for that tax year and the four tax years following that tax year (subject to subsection
(4)
).
4
If the trader permanently ceases to carry on the trade before the end of the last of the tax years mentioned in subsection
(3)(b)
, the election has effect for each tax year up to and including the tax year immediately before the tax year in which the trader permanently ceases to carry on the trade.
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