Part 2Trading income
Chapter 15Basis periods
Special rules if accounting date changes
214When a change of accounting date occurs
(1)
If there is a change from one accounting date (“the old accounting date”) to another accounting date (“the new accounting date”), the change of accounting date occurs—
(a)
in the first tax year in which accounts are drawn up to the new accounting date, or
(b)
if earlier, in the first tax year in which accounts are not drawn up to the old accounting date.
(2)
A change from a date determined under section 211 to an actual accounting date is taken to be a change from one accounting date to another, even if the two dates are the same.
(3)
If, because of subsection (1)(b), a change of accounting date occurs in a tax year in which there is no actual accounting date, the date corresponding to the new accounting date is treated as the accounting date in that tax year for the purpose of determining—
(a)
the basis period for that tax year, and
(b)
if section 219 applies, the basis period for the following tax year.