The basis upon which personal income or business profits are assessed in the UK for each fiscal year. The specific rules for each income-tax schedule detail the profits or income to be assessed in that year.
The current-year basis is an accounting principle used for tax assessment in the UK, wherein profits are taxed in a fiscal year based on the profits arising in the accounts for the period ending within that same tax year.
A basis for assessing profits where the assessment in any given fiscal year is based on the accounts that ended during the previous tax year. In the UK, the PYB was replaced by the current-year basis of assessment from 1997--98 onwards.
