Section 275A | Rule if person starts to carry on business after 31 March

(1)This section applies if, in a tax year (“the relevant tax year”), the person carrying on the business—

(a)starts to carry it on after 31 March, and

(b)does not permanently cease to carry it on.

(2)For the purposes of this Part—

(a)the profits or losses of the business of the relevant tax year are treated as nil, and

(b)the actual profits or losses of the business of the relevant tax year are treated as arising in the following tax year.