Related Commentary  Related HMRC Manuals

1261(1)  In this Part references to an accounting period of a firm which carries on a trade are to a period that would be an accounting period of the firm if the firm were a company.

1261(2)  For the purposes of subsection (1) it is to be assumed that the company by reference to which the accounting periods of the firm are determined (“the deemed company”)–

(a)is UK resident,

(b)acquires a source of income on the occurrence of an event that falls within subsection (3),

(c)ceases to trade on the occurrence of an event that falls within subsection (4), and

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