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Income Tax (Trading and Other Income) Act 2005

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F1Chapter 15U.K.Basis periods

Textual Amendments

F1Pt. 2 Ch. 15 omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 8, 61(1)

IntroductionU.K.

F1196Professions and vocationsU.K.

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Accounting dateU.K.

F1197Meaning of “accounting date”U.K.

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The normal rulesU.K.

F1198General ruleU.K.

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F1199First tax yearU.K.

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F1200Second tax yearU.K.

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F1201Tax year in which there is no accounting dateU.K.

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F1202Final tax yearU.K.

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Apportionment of profitsU.K.

F1203Apportionment etc. of profits to basis periodsU.K.

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Overlap profits and lossesU.K.

204Meaning of “overlap period” and “overlap profit”U.K.

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F1204AOverlap profit and trading allowance under Chapter 1 of Part 6AU.K.

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F1205Deduction for overlap profit in final tax yearU.K.

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F1206Restriction on bringing losses into account twiceU.K.

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F1207Treatment of business start-up payments received in an overlap periodU.K.

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Rules where first accounting date shortly before end of tax yearU.K.

F1208When the late accounting date rules applyU.K.

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F1209Rule if there is an accounting dateU.K.

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F1210Rules if there is no accounting dateU.K.

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Slight variations in accounting dateU.K.

F1211Treating middle date as accounting dateU.K.

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F1212Consequence of treating middle date as accounting dateU.K.

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F1213Circumstances in which middle date not treated as accounting dateU.K.

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Special rules if accounting date changesU.K.

F1214When a change of accounting date occursU.K.

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F1215Change of accounting date in third tax yearU.K.

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F1216Change of accounting date in later tax yearU.K.

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F1217Conditions for basis period to end with new accounting dateU.K.

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F1218Commercial reasons for change of accounting dateU.K.

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F1219The year after an ineffective change of accounting dateU.K.

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F1220Deduction for overlap profit on change of accounting dateU.K.

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