(1)This Chapter applies if—
[F2(a)the cash basis does apply in relation to a trade for a tax year but does not apply in relation to the trade for the following tax year.]
[F3(b)the cash basis does not apply in relation to a trade for a tax year but does apply in relation to the trade for the following tax year.]
(2)But this Chapter does not apply to income which is charged in accordance with section 832.
[F4(3)This section is subject to section 227C (application of Chapter where section 227B applies).]]
Textual Amendments
F1S. 227A inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 36
F2S. 227A(1)(a) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 25(a), 47 (with Sch. 10 paras. 48-50)
F3S. 227A(1)(b) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 25(b), 47 (with Sch. 10 paras. 48-50)
F4S. 227A(3) inserted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 6