# Finance Act 2022, Paragraph 67: Late accounting date rules

Extent: E+W+S+N.I.

(1) This paragraph applies if—
(a) the standard part of the basis period for the tax year 2023-24, or
(b) any transition part of that basis period,
ends with 31 March or 1, 2, 3 or 4 April 2024 (“the late accounting date”).
(2) For the purposes of Chapter 2 of Part 2 of ITTOIA 2005—
(a) treat the profits or losses of the period beginning immediately after the late accounting date and ending with 5 April, as nil, and
(b) treat the actual profits or losses of that period as arising in the tax year 2024-25.
(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.
(4) If an election under sub-paragraph (3) has effect—
(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
(b) that transition part ends on 5 April 2024 (instead of the date on which it would otherwise end).

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Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/1/paragraph/67 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-1/paragraph-67
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.