65(1)Chapter 15 of Part 2 of ITTOIA 2005 (basis periods) applies as if—
(a)the basis period for the tax year 2023-24 were, instead of the period determined in accordance with that Chapter, the period—
(i)beginning immediately after the end of the basis period for the tax year 2022-23 (determined in accordance with that Chapter as it applies in relation to that tax year), and
(ii)ending with 5 April 2024;
(b)section 220 of that Act were disregarded.
(2)In this Part of this Schedule, the “standard part” of the basis period for the tax year 2023-24 is the period of 12 months beginning with the start of that basis period (determined in accordance with sub-paragraph (1)(a)(i)).
(3)If the standard part of the basis period for the tax year 2023-24 ends before 31 March 2024 (or where an election under paragraph 67(3) has effect), there is a “transition part” of that basis period which—
(a)begins immediately after the end of the standard part, and
(b)ends with the date given by sub-paragraph (4).
(4)The date given by this sub-paragraph is—
(a)if the date (or the latest of the dates) to which accounts are drawn up in that tax year is 31 March or 1, 2, 3 or 4 April 2024, that date;
(b)in any other case (or where an election under paragraph 67(3) has effect), 5 April 2024.