Regulation 3 Chargeable period

(1)

In these Regulations “chargeable period” means—

(a)

as respects a company, its accounting period;

(b)

as respects a person other than a company who draws up accounts for any period (“the accounts period”), one of the periods specified in paragraph (2);

(c)

as respects a person other than a company who does not draw up accounts, a year of assessment.

(2)

The periods specified in this paragraph are—

(a)

the period which begins at the beginning of the accounts period and ends at the expiration of 12 months from that date or, if earlier, at the end of the accounts period;

(b)

any subsequent period which—

(i)

begins at the end of the immediately preceding period, being a period specified in this paragraph, and

(ii)

ends at the expiration of 12 months from that date or, if earlier, at the end of the accounts period.