SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 12Other provisions
Apportionment of miscellaneous profits or losses to tax years before tax year 2005-06
158
1
This paragraph applies if—
a
a relevant period of account begins before 6th April 2005 and ends on or after that date, and
b
in order to arrive at the profits or losses of a tax year before the tax year 2005-06 it is necessary to apportion the profits or losses of the relevant period of account to any part of that period falling in a tax year before the tax year 2005-06.
2
A period of account is a “relevant period of account” if—
a
section 871 applies to the period of account, and
b
the profits or losses of the part of the period of account falling in the tax year 2005-06 are calculated in accordance with this Act.
3
The profits or losses of the relevant period of account—
a
are calculated in accordance with this Act (and therefore, to that extent, this Act has effect for tax years before the tax year 2005-06), and
b
may be apportioned in accordance with section 871 to any part of the period of account falling in a tax year before the tax year 2005-06.