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Changes over time for: Section 201


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Version Superseded: 06/04/2005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Point in time view as at 01/06/2002. This version of this provision has been superseded.

Status
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1994, Section 201.

Changes to Legislation
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201 Basis of assessment at commencement.U.K.
For section 61 of the Taxes Act 1988 there shall be substituted the following section—
“61 Basis of assessment at commencement.
(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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