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Apportionment of profits203Apportionment etc of profits to basis periods

(1)    This section applies if the basis period for a tax year does not coincide with a period of account.

(2)    Any of the following steps may be taken if they are necessary in order to arrive at the profits or losses of the basis period—

(a)    apportioning the profits or losses of a period of account to the parts of that period falling in different basis periods, and

(b)    adding the profits or losses of a period of account (or part of a period) to profits or losses of other periods of account (or parts).

(3)    The steps must be taken by reference to the number of days in the periods concerned.

(4)    But the person carrying on the trade may use a different way of measuring the length of the periods concerned if—

(a)    it is reasonable to do so, and

(b)    the way of measuring the length of periods is used consistently for the purposes of the trade.

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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