Section 275C Election to disapply late accounting date rulesF1

(1)

The person carrying on the business may make an election under this section.

(2)

If an election under this section has effect for a tax year, neither of sections 275A and 275B apply in relation to the business for that tax year.

(3)

An election under this section—

(a)

must be made on or before the first anniversary of the normal self-assessment filing date for the first tax year for which it is to have effect, and

(b)

has effect for that tax year and the four tax years following that tax year (subject to subsection (4)).

(4)

If the person permanently ceases to carry on the business before the end of the last of the tax years mentioned in subsection (3)(b), the election has effect for each tax year up to and including the tax year immediately before the tax year in which the person permanently ceases to carry on the business.

Annotations

Textual amendments

F1: Ss. 275A-275C inserted (for the tax year 2023-24 and subsequent tax years) by Finance Act 2022 (c. 3), s. 8(3)(4)