227 Application of Chapter
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Adjustment on change of basis

227  Application of Chapter

(1)     This Chapter applies if—

(a)     a person carrying on a trade changes, from one period of account to the next, the basis on which profits of the trade are calculated for income tax purposes,

(b)     the old basis accorded with the law or practice applicable in relation to the period of account before the change, and

(c)     the new basis accords with the law and practice applicable

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