Part 1 Main Amendments of ITTOIA 2005
Finance Act 2022 (2022 c 3) | Legislation

SCHEDULE 1 Abolition of Basis Periods

Section 7

Part 1 Main Amendments of ITTOIA 2005

1

Part 2 of ITTOIA 2005 (trading income) is amended as follows.

Chapter 2 (income taxed as trade profits)

2

(1)     Section 7 (income charged) is amended as follows.

(2)     In subsection (1), at the end insert “(including amounts treated as profits of the tax year under section 23E(1))â€.

(3)     Omit subsections (2) and (3).

3

After section 7 insert—

“7A Apportionment etc of profits to tax year

(1)     This section and sections 7B to 7D apply if a period of account of a person carrying on a trade (“the traderâ€) does not coincide with a tax year.

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

(a)     apportioning the profits or losses of a period of account to the parts of that period falling in different tax years, 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)

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