Yn ddilys o 06/04/2005
Modifications etc. (not altering text)
C1Pt. 2 Ch. 15 excluded (14.2.2006 with effect as mentioned in reg. 1(2) of the amending S.I.) by S.I. 1997/2681 reg. 6(1)(a) as amended by The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006 (S.I. 2006/111), reg. 8
(1)This section applies for the purpose of preventing the rules in sections 215 to 220 from applying if—
(a)accounts of a trade are drawn up to a particular day (rather than to a particular date), and
(b)that day is capable of falling on one of only 7 consecutive dates (or, if that day is in February, on one of only 8 consecutive dates).
(2)The person carrying on the trade may elect in relation to a tax year for the fourth of those dates (“the middle date”) to be treated as the accounting date in the tax year.
(3)The election has effect for the purposes of this Chapter, but not for any other purposes.
(4)An election under this section—
(a)must specify the day to which the accounts are drawn up and the middle date, and
(b)must be made on or before the first anniversary of the normal self-assessment filing date for the tax year to which it relates.