Skip to content

ACCA Applied Skills · Taxation (UK) · Principal sources of revenue law and practice

A provision included in the Finance Act 2025 is due to take effect only at a date after the exam sitting. According to ACCA's examinable documents, how will this provision normally be treated in TX-UK?

It will not normally be examined until it actually takes effect. ACCA applies this rule to prospective legislation in a Finance Act, and also to Act provisions introduced by statutory instrument, which are judged by their effective date, not by Royal Assent.

  1. AIt will not normally be examined until it actually takes effectCorrect
  2. BIt will be examined as soon as the Finance Act receives Royal Assent
  3. CIt will be examined only in the constructed response section
  4. DIt will be examined only if it was announced in a Budget speech

Explanation

ACCA states that for prospective legislation, where provisions only take effect at a future date, the legislation will not normally be examined until it actually takes effect. The same rule applies to provisions of an Act introduced by statutory instrument and their effective date. Royal Assent alone is therefore not enough.

Did you get it right without looking?

One question tells you little. A timed set on Principal sources of revenue law and practice shows your real accuracy, how long you take and where you lose marks.

Practise Principal sources of revenue law and practiceFree diagnostic mock

More Principal sources of revenue law and practice questions