{
  "url": "https://openlegislation.uk/finance-act-2024/schedule-10/paragraph-49",
  "json_url": "https://openlegislation.uk/finance-act-2024/schedule-10/paragraph-49.json",
  "legislation": "ukpga/2024/3",
  "legislation_title": "Finance Act 2024",
  "legislation_url": "https://openlegislation.uk/finance-act-2024",
  "path": "schedule/10/paragraph/49",
  "kind": "paragraph",
  "number": "49",
  "heading": "Transitional provision",
  "text": "(1) This paragraph has effect for the purposes of construing references in the Income Tax Acts to a change in the basis of calculation of the profits of a trade (but not a property business) for the tax year 2024-25.\n(2) A person carrying on a trade “enters the cash basis” in relation to the trade in the tax year 2024-25 if—\n(a) the cash basis applies in relation to the trade for the tax year 2024-25, and\n(b) no election under section 25A of ITTOIA 2005 had effect in relation to the trade for the tax year 2023-24,\nand related expressions are to be construed accordingly.\n(3) A person carrying on a trade “leaves the cash basis” in relation to the trade in the tax year 2024-25 if—\n(a) an election under section 25A of ITTOIA 2005 had effect in relation to the trade for the tax year 2023-24, and\n(b) the cash basis does not apply in relation to the trade for the tax year 2024-25,\nand related expressions are to be construed accordingly.\n(4) For the purposes of this paragraph, the cash basis applies to a trade in relation to a tax year if the profits of the trade for the tax year are required by virtue of section 24A(1) of ITTOIA 2005 to be calculated in accordance with that section.",
  "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/49",
    "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."
}