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201Tax year in which there is no accounting date

(1)    If a person carries on a trade in a tax year and—

(a)    there is no accounting date in the tax year, and

(b)    the person does not start or permanently cease to carry on the trade in the tax year,

the basis period for the tax year is the period of 12 months beginning immediately after the end of the basis period for the previous tax year.

(2)    But this is subject to—

(a)    section 200 (second tax year), and

(b)    sections 215 and 216 (change of accounting date in third tax year or later tax year).

NOTES
Initial Commencement
Specified date

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 Entities92 Personal Taxes94 Companies & Corporate Bodies92 Income Tax94 Trading Income94 Tax Law94

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