SCHEDULES

SCHEDULE 1Abolition of basis periods

PART 5Transitional provision: new trades etc

63Basis period for the tax year 2023-24

1

Chapter 15 of Part 2 of ITTOIA 2005 (basis periods) applies as if sections 208 to 210 of that Act (rules where first accounting date shortly before end of tax year) were disregarded.

2

Accordingly, the basis period for the tax year 2023-24, determined in accordance with section 199 of ITTOIA 2005, ends with 5 April 2024.