Chwilio Deddfwriaeth

Chwiliad Uwch

Finance Act 1998

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Adjustment on change of accounting basis

2(1)The amount required by way of adjustment must be calculated (in accordance with paragraph 3) and—

(a)if the amount is positive, it is chargeable to tax, and

(b)if it is negative, it is allowable as a deduction in computing profits.

(2)An amount chargeable to tax under this paragraph—

(a)is treated as income arising on the first day of the first period of account for which the new basis is adopted, subject to paragraphs 4 and 5 (spreading of adjustment charge in certain cases and election to accelerate payment);

(b)is chargeable to tax under Case VI of Schedule D;

(c)in the case of an individual whose income from the trade, profession or vocation in question is—

(i)relevant earnings within section 623(2)(c) or 644(2)(c) of the Taxes Act 1988, or

(ii)earned income within section 833(4)(c) of that Act,

is similarly relevant earnings or earned income for the year of assessment in which it is charged to tax; and

(d)is treated for the purposes of Chapters I and II of Part X of the Taxes Act 1988 (loss relief) as profits of the trade, profession or vocation for the chargeable period for which it is charged to tax.

(3)An amount allowable under this paragraph as a deduction in computing profits is treated as an expense of the trade, profession or vocation in the first period for which the new basis is adopted.

Yn ôl i’r brig

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Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.

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