{
  "url": "https://openlegislation.uk/finance-act-2024/schedule-10/paragraph-48",
  "json_url": "https://openlegislation.uk/finance-act-2024/schedule-10/paragraph-48.json",
  "legislation": "ukpga/2024/3",
  "legislation_title": "Finance Act 2024",
  "legislation_url": "https://openlegislation.uk/finance-act-2024",
  "path": "schedule/10/paragraph/48",
  "kind": "paragraph",
  "number": "48",
  "heading": "Transitional provision",
  "text": "(1) This paragraph has effect for the purposes of construing references in the Income Tax Acts to the cash basis in relation to the calculation of the profits of a trade (but not a property business) for a tax year before 2024-25.\n(2) Any reference to calculating the profits of a trade on the cash basis is to be read as a reference to doing so in accordance with section 25A of ITTOIA 2005.\n(3) Any reference to the cash basis applying (or not applying) in relation to a trade for the tax year is to be read as a reference to an election under section 25A of ITTOIA 2005 having effect (or not having effect) in relation to the trade for the tax year.",
  "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/2024/3/schedule/10/paragraph/48",
    "retrieved_at": "2026-10-29T08:48:28.960167+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."
}