Finance Act 2013 (c. 29)

SCHEDULES

SCHEDULE 4 U.K. Cash basis for small businesses

PART 2 U.K. Consequential amendments

ITTOIA 2005 U.K.

49 U.K. In section 31 of ITTOIA 2005 (relationship between rules prohibiting and allowing deductions), in subsection (2), omit the “or” at the end of paragraph (b) and after paragraph (c) insert “or

(d) Chapter 17A,”.

50 U.K. In section 56 of ITTOIA 2005 (rules allowing deductions: professions and vocations), after “marks)” insert “ and section 97A (cash basis: value of trading stock on cessation of trade) ”.

51 U.K. Omit section 160 of ITTOIA 2005 (cash basis of calculation for barristers and advocates in early years of practice).

52 (1) Chapter 17 of Part 2 of ITTOIA 2005 (adjustment income) is amended as follows. U.K.

(2) In section 229(2)(a), for “sections 237 to 239” substitute “ sections 237 to 239B ”.

(3) Omit sections 238 and 239 (spreading of adjustment income: barristers and advocates).

53 U.K. In Part 2 of Schedule 4 to ITTOIA 2005 (index of defined expressions), at the appropriate place insert—

“the cash basis (in Part 2)	section 25A”;
“entering the cash basis (in Chapter 17A of Part 2)	section 240B”.