Part 2Trading income
C1C3C2 Chapter 15Basis periods
Pt. 2 Ch. 15 applied (with application in accordance with Sch. 1 para. 62 of the amending Act) by Finance Act 2022 (c. 3), Sch. 1 para. 63
Pt. 2 Ch. 15 applied (with application in accordance with Sch. 1 para. 64 of the amending Act) by Finance Act 2022 (c. 3), Sch. 1 para. 65
Slight variations in accounting date
213Circumstances in which middle date not treated as accounting date
1
If—
a
a date (“the middle date”) is treated under section 211 as the accounting date in a tax year (“the earlier tax year”),
b
the basis period for the earlier tax year ends on the middle date, and
c
the basis period for the following tax year (“the later tax year”) is that given by one of the provisions listed in subsection (2),
the basis period for the later tax year is determined as if the basis period for the earlier tax year had ended on the date to which accounts were actually drawn up in the earlier tax year.
2
The provisions are—
a
section 201(1) (tax year in which there is no accounting date),
b
section 202(1) (tax year in which person permanently ceases to carry on a trade),
c
section 215(2) (change of accounting date in third tax year), and
d
section 216(3) (change of accounting date in 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