[F1227AApplication of Chapter where cash basis usedU.K.
(1)This Chapter applies if—
(a)an election under section 25A (cash basis for small businesses) has effect in relation to a trade for a tax year but no such election has effect in relation to the trade for the following tax year, or
(b)no such election has effect in relation to a trade for a tax year but such an election has effect 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.
[F2(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(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