Finance Act 2024 (c. 3)

Schedules

Schedule 10 U.K. Calculation of trade profits etc

Part 2 U.K. Minor and consequential amendments

Chapter 1 U.K. Amendments of ITTOIA 2005

Amendments of other provisions U.K.

30 In section 254 (allowable deductions), for subsection (2A) substitute—

“(2A) If, immediately before the person permanently ceases to carry on the trade, the cash basis applies in relation to the trade, assume for the purposes of subsection (2) that the cash basis applies in relation to the trade.”