Finance Act 2024

Amendments of other provisions

21 (1) Section 96A (capital receipts under, or after leaving, cash basis) is amended as follows.

(2) In subsection (3), for “an election under section 25A (cash basis for trades) has effect” substitute “the cash basis applies”.

(3) In subsection (3A), in paragraph (b), for the words “for which no election under section 25A had effect” substitute “in which the cash basis did not apply”.

(4) In subsection (3C)—

(a) in paragraph (a), for “no election under section 25A has effect” substitute “the cash basis does not apply”;

(b) in paragraph (b), for “such an election had had effect” substitute “the cash basis did apply”.

(5) In subsection (3D)—

(a) in paragraph (a), for “an election under section 25A had effect” substitute “the cash basis applied”;

(b) in paragraph (c), for “an election under section 25A had not had effect” substitute “the cash basis had not applied”.

(6) In subsection (3E), in paragraph (a), for “for which no election under section 25A had effect” substitute “in which the cash basis did not apply”.