BIM81230 | Transitional rules: transitional rules for 2023-24 - introduction
From HM Revenue & Customs · Business Income Manual
For trades commencing before 2023-24, for the tax year 2023-24 only, the transitional rules set out below will apply.
For trades commencing in 2023-24, for the tax year 2023-24, the rules in will apply.
From the tax year 2024-25 and onwards, the new “tax year basis” rules will apply. See for these rules.
For 2023-24 special basis period rules will apply. This means that the normal basis period will be modified so that the basis period begins immediately after the end of the 2022-23 basis period and ends with 5 April 2024. Additionally, the transitional rules will apply.
The rules only apply to trades that do not cease in 2023-24. Trades that cease in 2023-24 will use the basis period rules as normal. See to for the basis period rules.