22 June 2006
The practical effects of the adoption of UITF 40 are now being experienced with the completion of self-assessment tax returns for the year ended 5 April 2006. Where accounts years have ended after
21 June 2005 and before 6 April 2006 it will be necessary to complete accounts on the new basis, and to value adjustment income at selling price less amounts calculated on previous bases at the beginning of the tax year.
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