Schedule 22, paragraph 9(9)

In this paragraph— “company” has the same meaning as in the Companies Act 2006 (see section 1 of that Act); “financial year”— in relation to a business which is carried on by a company, means the company’s financial year in accordance with sections 390 to 392 of that Act; in relation to a business which is not carried on by a company, means a year, beginning on 6 April and ending on the following 5 April; “first financial year”— in relation to a business which is carried on by a company, means the company’s first financial year in accordance with sections 390 to 392 of the Companies Act 2006; in relation to a business which is not carried on by a company, means the first financial year in which the business begins trading.

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Source: legislation.gov.uk · retrieved 2026-07-30