Finance Act, 1929

Apportionment of profits.

16.—(1) Where in the case of any profits or gains chargeable under Case I, Case II, Rule 4 of Case III, or Case VI of Schedule D it is necessary, in order to arrive at the profits or gains or losses of any year of assessment or other period, to divide and apportion to specific periods the profits or gains or losses for any period for which the accounts have been made up, or to aggregate any such profits or gains or losses or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggregation.

(2) Nothing in this section shall be construed as limiting the power of the Special Commissioners with respect to the adjustment of an assessment under Rule 9 of the Rules applicable to Cases I and II of Schedule D.

(3) Any apportionment under this section shall be made in proportion to the number of months or fractions of months in the respective periods.