(1) The basis period for the tax year in which a person starts to carry on a trade—
(a) begins with the date on which the person starts to carry on the trade, and
(b) ends with 5th April in the tax year.
(2) But if a person starts and permanently ceases to carry on a trade in the same tax year, the basis period for the tax year is that given by section 202(2).
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Company Law & Business Entities92Personal Taxes95Companies & Corporate Bodies92Income Tax95Trading Income95Tax Law95