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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 3 of 3

An LLP's financial year

(1) Sections 390 to 392 apply to LLPs, modified so that they read as follows -

"390. An LLP's financial year

(1) An LLP's financial year is determined as follows.

(2) Its first financial year -

(a) begins with the first day of its first accounting reference period, and

(b) ends with the last day of that period or such other date, not more than seven days before or after the end of that period, as the members of the LLP may determine.

(3) Subsequent financial years -

(a) begin with the day immediately following the end of the LLP's previous financial year, and

(b) end with the last day of its next accounting reference period or such other date, not more than seven days before or after the end of that period, as the members of the LLP may determine.

(4) In relation to an undertaking that is not an LLP, references in this Act to its financial year are to any period in respect of which a profit and loss account of the undertaking is required to be made up (by its constitution or by the law under which it is established), whether that period is a year or not.