Schedule 2: Transitionals and savings Miscellaneous profits and losses: apportionment to accounting periods ending before 1 April 2009
3579.Section 1307 applies to various sources of income that are taxed under Schedule D Case VI in the source legislation. It rewrites section 72 of ICTA which allows the profits of a period of account to be apportioned.
3580.The basis of assessment for such income is the full amount of the profit arising in the accounting period (section 8). If accounts are prepared for any of these sources it may be necessary to apportion the profits of accounts made up to a period which is not itself an accounting period to arrive at the figure of profit that arises in each relevant accounting period.
3581.Section 1329 provides that the Act takes effect for corporation tax purposes for accounting periods ending after 31 March 2009. This paragraph provides that the rewritten legislation applies to a period of account that straddles 1 April 2009 even though an accounting period or periods ending before 1 April 2009 are affected. This Act includes a number of minor changes in the law. Without this paragraph it would be necessary for taxpayers to take account of those changes only for the accounting period ending on or after 1 April 2009.
3582.If the taxpayer does not want the new law to apply to a transaction that occurred before 1 April 2009 it can elect for the old legislation to continue to apply (see Part 2 of this Schedule).