# Finance Act 2024, Paragraph 48: Transitional provision

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

(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.
(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.
(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.

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Source: https://www.legislation.gov.uk/ukpga/2024/3/schedule/10/paragraph/48 (the official version)
Page: https://openlegislation.uk/finance-act-2024/schedule-10/paragraph-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.