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Changes over time for: Paragraph 1


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2005
Status:
Point in time view as at 01/06/2002.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1994, Paragraph 1.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
1(1)Subject to paragraph 3(2) below, this paragraph applies in the case of a trade, profession or vocation set up and commenced before 6th April 1994 and continuing after 5th April 1997.U.K.
(2)The basis period for the year 1996-97 shall be as follows—
(a)where an accounting date falls within the year, the period of twelve months ending with that accounting date; and
(b)in any other case, the period of twelve months ending with 5th April 1997.
(3)Where the basis period for the year 1996-97 is given by paragraph (b) of sub-paragraph (2) above, section 62 of the Taxes Act 1988 shall have effect in relation to the accounting change by virtue of which that paragraph applies as if that change were made in the first year of assessment in which accounts are made up to the new date.
(4)In this paragraph “accounting date” and “the new date” have the same meanings as in section 62 of the Taxes Act 1988.
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