Basis of assessment (closing)

Question 1

Identification

Answer 1

• Date of cessation
• Which tax year does this fall into?
• The above is the final year.
• The year before is the penultimate year.

Question 2

Penultimate tax year

Answer 2

• Which trading period ENDS in penultimate tax year?

- Assess all profits from this year.

Question 3

Final tax year

Answer 3

• From the final tax year, tax all profits until cessation