Part 2Trading income
C1Chapter 15Basis periods
Annotations:
Modifications etc. (not altering text)
The normal rules
201Tax year in which there is no accounting date
1
If a person carries on a trade in a tax year and—
a
there is no accounting date in the tax year, and
b
the person does not start or permanently cease to carry on the trade in the tax year,
the basis period for the tax year is the period of 12 months beginning immediately after the end of the basis period for the previous tax year.
2
But this is subject to—
a
section 200 (second tax year), and
b
sections 215 and 216 (change of accounting date in third tax year or later tax year).
Pt. 2 Ch. 15 excluded (14.2.2006 with effect as mentioned in reg. 1(2) of the amending S.I.) by S.I. 1997/2681 reg. 6(1)(a) as amended by The Lloyd's Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006 (S.I. 2006/111), reg. 8