# Income Tax (Trading and Other Income) Act 2005, Section 240B: “Entering the cash basis”


For the purposes of this Chapter a person carrying on a trade enters the cash basis for a tax year if—
(a) the cash basis applies in relation to the trade for the tax year, and
(b) immediately before the beginning of ... the tax year, the cash basis does not apply in relation to the trade.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/240B (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-240B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.