Tax year definition clarifies annual period and special treatment for newly established businesses or new income sources. The tax year is the twelve month period of the financial year commencing on the first day of April. Where a business or profession is newly set up, or a source of income newly arises within a financial year, the tax year for that business, profession or source runs from the date of commencement or the date the source comes into existence until the end of that financial year.
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Tax year definition clarifies annual period and special treatment for newly established businesses or new income sources.
The tax year is the twelve month period of the financial year commencing on the first day of April. Where a business or profession is newly set up, or a source of income newly arises within a financial year, the tax year for that business, profession or source runs from the date of commencement or the date the source comes into existence until the end of that financial year.
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