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Income Tax (Trading and Other Income) Act 2005
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871Apportionment etc. of miscellaneous profits to tax year
This section has no associated Explanatory Notes
(1)This section applies if—
(a)income is chargeable to income tax under or by virtue of any provision to which section 836B of ICTA applies, and
(b)any period for which the accounts are drawn up (a “period of account”) does not coincide with a tax year.
(2)For this purpose the reference to any provision to which section 836B of ICTA applies is to be read as if subsection (4)(a) of that section were omitted (exclusion for relevant foreign income charged under this Act).
(3)Any of the following steps may be taken if they are necessary in order to arrive at the profits or losses of the tax year—
(a)apportioning the profits or losses of a period of account to the parts of that period falling in different tax years, and
(b)adding the profits or losses of a period of account (or part of a period) to profits or losses of other periods of account (or parts).
(4)The steps must be taken by reference to the number of days in the periods concerned.
(5)But the person to whom the profits or losses arise may use a different way of measuring the length of the periods concerned if—
(a)it is reasonable to do so, and
(b)the way of measuring the length of periods is used consistently for the purpose of charging to income tax the income in question.
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