Modifications etc. (not altering text)
C1Pt. 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
(1)This section applies if the basis period for a tax year does not coincide with a period of account.
(2)Any of the following steps may be taken if they are necessary in order to arrive at the profits or losses of the basis period—
(a)apportioning the profits or losses of a period of account to the parts of that period falling in different basis periods, and
(b)adding the profits or losses of a period of account (or part of a period) to profits or losses of other periods of account (or parts).
(3)The steps must be taken by reference to the number of days in the periods concerned.
(4)But the person carrying on the trade may use a different way of measuring the length of the periods concerned if—
(a)it is reasonable to do so, and
(b)the way of measuring the length of periods is used consistently for the purposes of the trade.
Modifications etc. (not altering text)
C2S. 203(3)(4) applied (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 90(4), 1034 (with transitional provisions and savings in Sch. 2)