Finance Act 2022 (c. 3)

SCHEDULES

SCHEDULE 1 U.K. Abolition of basis periods

PART 1 U.K. Main amendments of ITTOIA 2005

Chapter 3A (trade profits: cash basis) U.K.

5 (1) Section 31B (relevant maximum for purposes of section 31A) is amended as follows.

(2) In subsection (6), for “where the basis period for a tax year is less than 12 months” substitute “where the trade, profession or vocation is carried on for only part of a tax year”.

(3) In subsection (7), in the definition of “universal credit claimant”, omit “the basis period for”.