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BASIS OF ASSESSMENT (Second Year (Current Year Rules (Where End date of…
BASIS OF ASSESSMENT
Second Year
Current Year Rules
Where End date of Accounting Period Falls
Last Year
Closing year rules
Last tax year
Less: Overlap profits
Changes in Accounting Date
Changes in accounting date rule
Tax year of change
End in New date - back 12 months
<12 months
Overlap profits Create Bad Planning
.>12 months
Overlap profits Relieved Good Planning
Tax year after change
Year End to New accounting date
Tax year before change
Year End to old accounting date
First Year
Opening Year Rules
≤ 12 months
TY 2 : Starting Date To 12 Months
TY 1 : Starting Date - End of Tax Year
TY 3 : As it is CYR
≥ 12 months
TY 2 : 12 month From Ending Date
TY 3 : As it is CYR
TY 1 : Starting Date - End of Tax Year