PART IV U.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER II U.K. INCOME TAX: BASIS OF ASSESSMENT ETC.

Cases I and II U.K.

[F1 63 Basis of assessment on discontinuance. U.K.

Where a trade, profession or vocation is permanently discontinued in a year of assessment other than the commencement year, the basis period for the year shall be the period beginning—

(a) where the year is the year next following the commencement year, immediately after the end of the commencement year, and

(b) in any other case, immediately after the end of the basis period for the preceding year of assessment,

and (in either case) ending with the date on which the trade, profession or vocation is permanently discontinued.]

Textual Amendments

F1 S. 63 substituted (with effect in accordance with s. 218 of the amending Act) by Finance Act 1994 (c. 9), s. 204 (with Sch. 20)

Modifications etc. (not altering text)

C1 Ss. 61-63A excluded (1.12.1997 with effect in accordance with reg. 1 of the excluding S.I.) by The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997 (S.I. 1997/2681), reg. 6(1)(a)