Income Tax Act 2007 section 614DB

Periods of account and related periods of account and tax years

Section 614DB defines what a "period of account" means for the purposes of Part 11A, establishes the cut-off date of 26 November 1996, and explains how tax years and periods of account relate to one another.

• A "period of account" is simply the period for which accounts are made up, but generally excludes any period beginning before 26 November 1996.
• Where a period of account straddles 26 November 1996, it is split into two separate periods: one covering the time before that date and one covering the time from that date onwards.
• A tax year is "related to" a period of account if the tax year includes all or any part of that period of account, and vice versa.
• An exception applies for sections 614BB to 614BE, where the 26 November 1996 cut-off does not restrict the meaning of "period of account".