Section 275B | Rule if there is a late accounting date

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

(a)does not start to carry it on or starts to carry it on before 1 April,

(b)does not permanently cease to carry it on, and

(c)has an accounting date that is 31 March or 1, 2, 3 or 4 April.

(2)For the purposes of this Part—

(a)the profits or losses of the business of the period beginning with the day after the accounting date and ending with 5 April in the relevant tax year are treated as nil, and

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

(3)In this section, “accounting date” in relation to a tax year means—

(a)the date in the tax year to which accounts are drawn up, or

(b)if there are two or more such dates, the latest of them.