Paragraph 25 Amendments of other provisions

United Kingdom

In section 227A (application of Chapter 17 of Part 2 where cash basis used), in subsection (1)—

(a)

for paragraph (a) substitute—

“(a)

the cash basis does apply in relation to a trade for a tax year but does not apply in relation to the trade for the following tax year.”

(b)

for paragraph (b) substitute—

“(b)

the cash basis does not apply in relation to a trade for a tax year but does apply in relation to the trade for the following tax year.”