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HMRC internal manual

Partnership Manual

Trading profits: accounting date changes

As per ITTOIA05/S853(1), the basis period of a partner’s notional trade is determined as if its accounts were drawn up to the same dates as of the accounts of the actual trade carried on by the partnership. As such, there will be a change of basis period if the partnership changes the date to which the accounts are drawn up. There is guidance at BIM81035 onwards in respect of how the new basis periods for the partner’s notional trade will be determined on a change of accounting date.