The following published concession 32 operated up to the year of assessment 2008. It is not applicable from the year of assessment 2009 but the basis of assessment of the rents etc. may remain 'grandfathered' for those companies who historically benefited from the concession.
"Where accounts, including a balance sheet, are supplied which are made up annually to the same date, computations on the basis of the accounts year ended within the year of assessment will be accepted, subject to the condition that assessments for the year in which income first arises, and the year of cessation, must be computed on the statutory basis. In the event of the first accounts covering a period of less than 1 year, the assessment for the second year must also be computed on the statutory basis.
A change from the accounts basis to the statutory basis will be allowed but a subsequent change to the accounts basis will be refused."
- from the year of assessment 2009 the company must continue to submit its financial statements together with an appropriate tax computation showing the Schedule A assessment
- the basis of assessment of the rents etc. may continue to be those arising in the financial year ending in the year of assessment. These are taxed on the company at the standard rate of 20%
- the basis of assessment of the rents etc. arising to the company upon 'cessation' or winding up will be those for the period 1 January to the date in which that event occurs
- however, as an alternative, the company may elect in writing by 31 December 2010 for the 2008 assessment to be based on the rents etc. arising in the period 1 January 2008 to the end of the financial year 2008. These will be taxed on the company at the standard rate of 20%. The basis of assessment of the rents etc. arising in the year of 'cessation' or winding up will be those arising in the financial year (and / or periods) ending in the year in which that event occurs. These are taxed on the company at the standard rate of 20%. The election shall be irrevocable
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