8 Profits of property businesses: late accounting date rules
Finance Act 2022 (2022 c 3) | Legislation

8  Profits of property businesses: late accounting date rules

(1)     Chapter 3 of Part 3 of ITTOIA 2005 (profits of property businesses: basic rules) is amended as follows.

(2)     In section 275 (apportionment etc of profits to tax year)—

(a)     in subsection (1), for “This section applies” substitute “This section and sections 275A to 275C apply”;

(b)     at the end insert—

“(5)     Sections 275A and 275B contain rules for the purpose of avoiding the need to apportion profits or losses under this section (and section 275C makes provision for the person carrying on the business to elect for those rules not to apply).”

(3)     After section 275 insert—

“275A Rule if person starts to carry on business after 31 March

(1)     This section applies

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