INCOME TAX – Schedule D – change to current year basis – transitional provisions – change of accounting period – amount of overlap profit – calculation of the amount of the profits of the basis period for the year 1997-98 which arose after the end of the basis period for 1996-97 and before 6 April 1997 – basis period for 1997-98 agreed to consist of the twenty-three months from 1 May 1996 to 31 March 1998 – dispute about the method of calculation of the profits arising before 6 April 1997 – whether this should be time-apportioned over the full twenty-three months as argued by the Appellant – no – whether this should be time-apportioned over the twelve-month period of the accounts from 1 May 1996 to 30 April 1997 as argued by the Inland Revenue – yes – appeal dismissed – TA 1988 s63A; FA 1994 Sch 20 para 2(4)
Citations:
[2002] UKSC SPC00334
Links:
Jurisdiction:
England and Wales
Income Tax
Updated: 27 August 2022; Ref: scu.195401