{
  "url": "https://openlegislation.uk/finance-act-2022/schedule-1/paragraph-67",
  "json_url": "https://openlegislation.uk/finance-act-2022/schedule-1/paragraph-67.json",
  "legislation": "ukpga/2022/3",
  "legislation_title": "Finance Act 2022",
  "legislation_url": "https://openlegislation.uk/finance-act-2022",
  "path": "schedule/1/paragraph/67",
  "kind": "paragraph",
  "number": "67",
  "heading": "Late accounting date rules",
  "text": "(1) This paragraph applies if—\n(a) the standard part of the basis period for the tax year 2023-24, or\n(b) any transition part of that basis period,\nends with 31 March or 1, 2, 3 or 4 April 2024 (“the late accounting date”).\n(2) For the purposes of Chapter 2 of Part 2 of ITTOIA 2005—\n(a) treat the profits or losses of the period beginning immediately after the late accounting date and ending with 5 April, as nil, and\n(b) treat the actual profits or losses of that period as arising in the tax year 2024-25.\n(3) The trader may, on or before the first anniversary of the normal self-assessment filing date for the tax year 2023-24, elect for sub-paragraph (2) not to apply.\n(4) If an election under sub-paragraph (3) has effect—\n(a) there is a transition part of the basis period for the tax year 2023-24 (whether or not there would otherwise be such a part), and\n(b) that transition part ends on 5 April 2024 (instead of the date on which it would otherwise end).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2022/3/schedule/1/paragraph/67",
    "retrieved_at": "2026-10-29T08:57:50.927298+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}