Part 6 Transitional Provision: Continuing Trades etc
Finance Act 2022 (2022 c 3) | Legislation

Part 6 Transitional Provision: Continuing Trades etc

Application of this Part of this Schedule

64

(1)     This Part of this Schedule applies in relation to a person (“the trader”) who—

(a)     carries on a trade (alone or in partnership) in the tax year 2023–24,

(b)     does not start to carry on the trade in that tax year, and

(c)     does not permanently cease to carry on the trade in that tax year.

(2)     This Part of this Schedule applies to professions and vocations as it applies to trades.

Basis period for tax year 2023–24

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(1)     Chapter 15 of Part 2 of ITTOIA 2005 (basis periods) applies as if—

(a)     the basis period for the tax year 2023–24 were, instead of the period determined in accordance with that Chapter, the period—

(i)     beginning immediately after the end of the basis period for the tax year 2022–23 (determined in accordance with that Chapter as it applies in relation to that tax year), and

(ii)     ending with 5 April 2024;

(b)     section 220 of that Act were disregarded.

(2)     In this Part of this Schedule, the “standard part” of the basis period for

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