- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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7U.K.After section 227A insert—
(1)Subsection (2) applies if—
(a)an individual carries on a trade in a tax year, and
(b)the profits or losses of the trade for the tax year are treated as nil under section 783AF (trade profits: full relief under Chapter 1 of Part 6A) by virtue of the fact that the conditions in section 783AE(2) are met.
(2)For the purposes of determining if this Chapter applies, an election under section 25A is to be treated as having effect in relation to the trade for the tax year.
(1)This section applies if, as a result of the operation of section 227B, the basis on which profits of a trade are calculated is treated as changed as mentioned in section 227A(1).
(2)This Chapter applies as if—
(a)in sections 232(1) and 233(1), for “the first period of account for which the new basis is adopted” there were substituted “ the first tax year for which the profits or losses of the trade are not treated as nil under section 783AF ”, and
(b)sections 235, 236, 237, 239A and 239B were omitted.
(3)If there is no tax year after the change of basis for which the profits or losses of the trade are not treated as nil under section 783AF, this Chapter does not apply.”
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