BIM72201 - Partnerships - computation and assessment: current year basis of assessment
CURRENT YEAR BASIS OF ASSESSMENT
The current year basis of assessment rules, as they apply where the business is carried on by a partnership, are set out at BIM72205 to BIM72330.
These rules apply
- from 1994/95 to all new businesses set up and commenced on or after 6 April 1994, or
- from 1994/95 for any existing business treated as set up or commenced on or after 6 April 1994 by virtue of old ICTA88/S113 (1), or
- from 1997/98 for all other businesses.
PREVIOUS YEAR BASIS OF ASSESSMENT
Details of the basis of assessment rules that apply to partnerships in earlier years - (the ‘previous year’ basis of assessment) and the rules for the transitional year 1996/97 are to be found at BIM72335.
In the guidance at BIM72205 to BIM72335 the terms ‘deemed trade’ and ‘second deemed trade’ are shorthand for ‘deemed trade or profession’ (ICTA88/S111 (4)(b)) and ‘second deemed trade or profession’ (ICTA88/S111 (8)(b)). Reference in this guidance to 'old' ICTA88 is a reference to the taxation provisions as they applied prior to the introduction of the new current year basis of assessment.