Section 947 | Return periods

(1)For the purposes of this Chapter, the return periods which fall within a person's accounting period are determined as follows.

(2)If at least one quarter date falls within the accounting period, each of the following is a return period which falls within the accounting period—

(a)any complete quarter which falls within the accounting period, and

(b)any part of the accounting period which is not a complete quarter and which—

(i)ends with the first (or only) quarter date in that period, or

(ii)begins immediately after the last (or only) quarter date in that period.

(3)If no quarter date falls within the accounting period, the accounting period itself is to be treated as a return period which falls within the accounting period.

(4)In this section—

“quarter” means a period of three months ending—

(a)unless paragraph (b) applies, with the last day of March, June, September or December, or

(b)if the person mentioned in subsection (1) is a building society, with the last day of February, May, August or November, and

“quarter date” means—

(a)unless paragraph (b) applies, the last day of March, June, September or December, or

(b)if the person mentioned in subsection (1) is a building society, the last day of February, May, August or November.