Part 1 Main Provisions
Finance Act 2024 (2024 c 3) | Legislation

SCHEDULE 10 Calculation of Trade Profits etc

Section 16

Part 1 Main Provisions

Introduction of cash basis default

1

Chapter 3 of Part 2 of ITTOIA 2005 (trade profits: basic rules) is amended as follows.

2

After section 24 insert—

“Basis of accounting
24A Cash basis to apply by default

(1)     The profits of a trade for a tax year must be calculated on the cash basis, unless—

(a)     the trade is an excluded trade in relation to the tax year (see section 25B), or

(b)     an election under section 25C(1) has effect in relation to the trade for the tax year.

(2)     In this Part—

(a)     references to calculating the profits of a trade on the cash basis are references to doing so in accordance with this section, and

(b)     references to a trade in relation to which the

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