问题：Luigi starts trading on 1 October 2012. He chooses 31 December as his year end. His adjusted profits for the 15 m/e 31 December 2013 are £45,000.
 
　　What are Luigi's taxable profits for his first year of trade?
 
　　A. £45,000
 
　　B. £36,000
 
　　C. £15,000
 
　　D. £18,000
 
　　答案：The correct answer is: £18,000.
 
　　解析：Luigi started trading on 1 October 2012.
 
　　In the first year of trade we tax profits on an actual basis (ie those profits accruing in the actual tax year between the date of commencement and the following 5 April.)
 
　　This is period 1.10.12 to 5.4.13, ie 6 months.
 
　　The first tax year of trading is 2012/13 and we take 6 months of the profit from the 15 m/e 31 December 2013.

 
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