207Treatment of business start-up payments received in an overlap periodU.K.
(1)This section applies if—
(a)a person carrying on a trade receives a business start-up payment (see subsection (3)) in a period which falls within two basis periods, and
(b)the payment is not a lump sum payment.
(2)The payment—
(a)is brought into account in calculating the profits of the trade of the first basis period, and
(b)is not brought into account in calculating the profits of the trade of the second basis period.
(3)A “business start-up payment” means a payment under a Business Start-Up scheme which is of the kind originally known as enterprise allowance and is made—
(a)in England and Wales, by a training and enterprise council pursuant to arrangements under section 2(2)(d) of the Employment and Training Act 1973 (c. 50),
(b)in Scotland, by a local enterprise company under section 2(4)(c) of the Enterprise and New Towns (Scotland) Act 1990 (c. 35) in relation to arrangements under section 2(3) of that Act, or
(c)in Northern Ireland, by or on behalf of the Department for Employment and Learning under section 1(1A)(d) of the Employment and Training Act (Northern Ireland) 1950 (c. 29 (N.I.)).