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This is the original version (as it was originally enacted).
200Second tax year
This section has no associated Explanatory Notes
(1)The basis period for the second tax year in which a person carries on a trade is determined as follows.
(2)If in that tax year—
(a)the accounting date falls less than 12 months after the date on which the person starts to carry on the trade, and
(b)the person does not permanently cease to carry on the trade,
the basis period is the period of 12 months beginning with the date on which the person starts to carry on the trade.
(3)If in that tax year—
(a)the accounting date falls 12 months or more after the date on which the person starts to carry on the trade, and
(b)the person does not permanently cease to carry on the trade,
the basis period is that given by the general rule in section 198.
(4)If in that tax year—
(a)there is no accounting date, and
(b)the person does not permanently cease to carry on the trade,
the basis period is the same as the tax year.
(5)If in that tax year the person permanently ceases to carry on the trade, the basis period is that given by section 202(1).
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