The allocation of accounting profits to basis periods for tax purposes was reformed by FA 2022, s 7, Sch 1 and ITTOIA 2005, ss 196–220 (Ch 15) is repealed from the tax year 2024/25. The rules which apply for the tax year 2024/25 onwards are set out in B8.101A and the rules for the transitional tax year of 2023/24 including businesses starting in 2023/24 are set out in B8.101B. The details below therefore only apply for tax years up to and including 2022/23 or for businesses that cease in 2023/24.
For trades that cease in the tax years up to and including 2023/24, the basis period for the tax year in which the trader permanently discontinues a trade begins on the day after the end of the basis period for
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