{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-240B",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-240B.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/240B",
  "kind": "section",
  "number": "240B",
  "heading": "“Entering the cash basis”",
  "text": "For the purposes of this Chapter a person carrying on a trade enters the cash basis for a tax year if—\n(a) the cash basis applies in relation to the trade for the tax year, and\n(b) immediately before the beginning of ... the tax year, the cash basis does not apply in relation to the trade.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 2 Ch. 17A inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 38"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 240B(a) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 28(a), 47 (with Sch. 10 paras. 48-50)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 240B(b) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 15, 61(1)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 240B(b) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 28(b), 47 (with Sch. 10 paras. 48-50)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/240B",
    "retrieved_at": "2026-10-29T09:16:32.370392+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."
}