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The outcome of the First-tier Tribunal’s decision in Grint.
KEY POINTS
- Accounting date changed to shift income to the previous year.
- Conditions to be met when changing accounting date.
- The 18-month test was failed by the ‘return accounts’ on the return.
- The tribunal said the ‘return accounts’ were part of the return and not real accounts.
I could never get interested in income tax basis periods. They are inherently one of the most boring topics in the tax system so it is surprising that a case (R Grint (TC5286)) about basis periods hit the front pages of the national press.
The reason is that the basis periods in question were those used in the computation of profits of Harry Potter star Rupert Grint. That name enough would be guaranteed to grab the headlines but when £1m of tax was reported to be at stake...
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