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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2006 - onwards
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95A. Change of basis of computation of profits or gains of a trade or profession.

(1) In this section -

'Accounting Standards Board' means the body known as the Accounting Standards Board established under the articles of association of The Accounting Standards Board Limited, a company limited by guarantee and registered in England;

'chargeable period' has the same meaning as in section 321(2).

(2) Where -

(a) in a case to which section 94(3) does not apply there has been a change in the basis of valuing work in progress for the purposes of computing profits or gains of a trade or profession chargeable under Case I or II of Schedule D, and

(b) the amount (in this subsection referred to as the 'relevant amount') of the value of work in progress at the time of the change is allowed as a deduction in computing profits or gains for tax purposes for a chargeable period after the change (in this section referred to as the 'relevant period'),

then, in so far as the counterbalancing credit in connection with that work in progress, taken into account in computing profits or

Comparing proposed amendment...