Part 1 Main Provisions
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 4 Cash Basis for Small Businesses

Section 17

Part 1 Main Provisions

Introductory

1

Part 2 of ITTOIA 2005 (trading income) is amended as follows.

Eligibility to calculate profits on cash basis

2

Chapter 3 (trade profits: basic rules) is amended as follows.

3

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4

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5

After Chapter 3 insert—

“Chapter 3A
Trade Profits: Cash Basis
Eligibility
31A Conditions to be met for profits to be calculated on cash basis

(1)     A person may make an election under section 25A for a tax year if conditions A to C are met.

(2)     Condition A is that the aggregate of the cash basis receipts of each trade, profession or vocation carried on by the person during that tax year does not exceed any relevant maximum applicable for that tax year (see section 31B).

(3)     Condition B is that, in a case where the person is either an individual who controls a firm or a firm controlled by an individual—

(a)     the aggregate of the cash basis receipts of each trade, profession or vocation carried on by the individual or the firm during that tax year does not exceed any relevant

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