Income Tax (Trading and Other Income) Act 2005

[F1 275A Rule if person starts to carry on business after 31 March U.K.

(1) This section applies if, in a tax year (“the relevant tax year”), the person carrying on the business—

(a) starts to carry it on after 31 March, and

(b) does not permanently cease to carry it on.

(2) For the purposes of this Part—

(a) the profits or losses of the business of the relevant tax year are treated as nil, and

(b) the actual profits or losses of the business of the relevant tax year are treated as arising in the following tax year.]

Textual Amendments

F1 Ss. 275A-275C inserted (for the tax year 2023-24 and subsequent tax years) by Finance Act 2022 (c. 3), s. 8(3)(4)