- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
5Before section 26 insert—
(1)A person who is or has been carrying on a trade, other than an excluded trade, may elect for the profits of the trade to be calculated in accordance with generally accepted accounting practice (instead of on the cash basis).
(2)An election made in relation to a trade under subsection (1) has effect—
(a)for the tax year for which it is made, and
(b)for every subsequent tax year (subject to subsection (3)).
(3)An election made in relation to a trade under subsection (1) ceases to have effect if—
(a)the trade is an excluded trade in relation to a tax year, or
(b)the person who is or has been carrying on the trade, other than an excluded trade, elects to calculate its profits for a subsequent tax year on the cash basis.
(4)Subsection (3) does not prevent an election being made under subsection (1) for any subsequent tax year.
(5)For the meaning of “excluded trade”, see section 25B.”
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