Finance Act 2013 (c. 29)

SCHEDULES

SCHEDULE 4 U.K. Cash basis for small businesses

PART 1 U.K. Main provisions

Adjustment income U.K.

36 U.K. After section 227 insert—

“227A Application of Chapter where cash basis used

(1) This Chapter applies if—

(a) an election under section 25A (cash basis for small businesses) has effect in relation to a trade for a tax year but no such election has effect in relation to the trade for the following tax year, or

(b) no such election has effect in relation to a trade for a tax year but such an election has effect in relation to the trade for the following tax year.

(2) But this Chapter does not apply to income which is charged in accordance with section 832.”