Part 3U.K.Trading income

Modifications etc. (not altering text)

Chapter 3U.K.Trade profits: basic rules

52Apportionment etc of profits and losses to accounting periodU.K.

(1)This section applies if a period of account of a trade does not coincide with an accounting period.

(2)Any of the following steps may be taken if they are necessary in order to arrive at the profits or losses of the accounting period—

(a)apportioning the profits or losses of a period of account to the parts of that period falling in different accounting periods, and

(b)adding the profits or losses of a period of account (or part of a period) to profits or losses of other periods of account (or parts).

(3)The steps must be taken by reference to the number of days in the periods concerned.