Finance Act 1972

3 (1) Where the first accounting period of a company began in the year 1971-72 the base date of the company shall be the first day of that accounting period.

(2) Where the first accounting period of a company begins in the year 1972-73—

(a) the base date of the company shall be the first day of that accounting period ;

(b) the base period of the company shall be the period beginning with that day and ending on the last day of the latest accounting period beginning within three years from the base date; and

(c) the distribution standard shall not apply to the company.

(3) Where the first accounting period of a company begins after 5th April 1973—

(a) the base date of the company shall be the first day of that accounting period;

(b) the base period of the company shall be the period beginning with the base date and ending on—

(i) the last day of the latest accounting period beginning within two years from the base date; or

(ii) the last day of the latest accounting period beginning before 5th April 1976,

whichever is the earlier ;

(c) any distribution period of the company shall begin with the base date; and

(d) the distribution standard shall not apply to the company.

(4) Where a company which has ceased to be a chargeable company (that is to say, a company within the charge to corporation tax or resident in the United Kingdom) at any time before 6th April 1973 again becomes such a company before that date, its first accounting period for the purposes of this paragraph shall be taken to be the accounting period beginning on the occasion (or last occasion) on which it became such a company before that date; and where a company which has ceased to be a chargeable company at any time does not again become such a company until after 5th April 1973 its first accounting period for the purposes of this paragraph shall be taken to be the accounting period beginning on the occasion (or the first occasion) on which it becomes such a company after that date.