Income Tax Act 2007 section 948

Meaning of "accounting period"

Section 948 defines what is meant by an "accounting period" for deposit-takers that are not companies, within the context of the rules on deduction of income tax at source.

• For a deposit-taker that is not a company, an "accounting period" simply means the period for which that deposit-taker draws up its accounts.
• The term "deposit-taker" carries the same meaning as defined in section 853 of the Income Tax Act 2007.
• Where the deposit-taker is a company, the definition of accounting period is found instead in Chapter 2 of Part 2 of the Corporation Tax Act 2009.
• This section applies only within the chapter dealing with deduction of tax at source by deposit-takers and building societies.