Finance Act 2024

CAA 2001

43 (1) Section 462A (persons leaving cash basis) is amended as follows.

(2) In subsection (1)—

(a) in paragraph (b), for “an election under section 25A of ITTOIA 2005 (cash basis for trades) has effect” substitute “the cash basis applies”;

(b) in paragraph (d), for “an election under section 25A of that Act had not had effect” substitute “the cash basis had not applied”.

(3) In subsection (5)—

(a) in paragraph (a), for “an election under section 25A of ITTOIA 2005 had effect” substitute “the cash basis applied”;

(b) in paragraph (b), for “such an election does not have effect” substitute “the cash basis does not apply”.

(4) After subsection (4) insert—

“(4A) Subsection (11)(za) of section 1A (capital allowances and charges: cash basis) applies for the purposes of this section as it applies for the purposes of that section.”