Version Superseded: 06/04/2005
Point in time view as at 01/06/2002. This version of this provision has been superseded.
There are currently no known outstanding effects for the Finance Act 1994, Section 201.
For section 61 of the Taxes Act 1988 there shall be substituted the following section—
(1)Notwithstanding anything in section 60, where the year of assessment is the commencement year, the computation of the profits or gains chargeable to income tax under Case I or II of Schedule D shall be made on the profits or gains arising in the year.
(2)Subject to section 63, where the year of assessment is the year next following the commencement year and—
(a)there is an accounting date in the year and the period beginning with the commencement date and ending with the accounting date is a period of less than 12 months; or
(b)the basis period for the year would, apart from this subsection, be given by section 62(2) and the period beginning with the commencement date and ending with the new date in the year is a period of less than 12 months,
the basis period for the year is the period of 12 months beginning with the commencement date.
(3)In this section “the new date” has the same meaning as in section 62.”
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