38 Returns to annual balance date

(1)

Instead of furnishing a tax year return under section 33 on the basis of a corresponding income year that ends on 31 March, a taxpayer (other than an individual referred to in subsection (1C)) may, with the consent of the Commissioner, elect to furnish a return based on a corresponding income year that ends with the date of the annual balance of the taxpayer’s accounts.

(1B)

A multi-rate PIE that does not calculate and pay tax using the provisional tax calculation option under section HM 44 of the Income Tax Act 2007 must not make an election under subsection (1).

(1C)

The person is an individual whose final account for the tax year is treated under section 22I(1)(b) as an assessment under section 92.

(2)

[Repealed]

(3)

Any election made by a taxpayer for the purposes of this section shall continue in force unless and until it is altered by the taxpayer with the prior notified approval of the Commissioner.

Compare: 1976 No 65 s 15

Section 38(1): replaced, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).

Section 38(1): amended, on 1 April 2019, by section 37(1) (and see section 37(3) for application) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).

Section 38(1B): replaced, on 1 April 2010 (applying for 2010–11 and later income years), by section 622(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

Section 38(1C): inserted, on 1 April 2019, by section 37(2) of the Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 (2019 No 5).

Section 38(2): repealed, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).

Section 38(3): amended, on 2 June 2016, by section 109 of the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 (2016 No 27).