preceding-year basis

= PYB
A basis for assessing profits in which 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.

Accounting dictionary. 2014.

Look at other dictionaries:

  • preceding-year basis — PYB A basis for assessing profits in which 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 …   Big dictionary of business and management

  • current-year basis — The basis of assessment of profits for tax purposes in the UK, in which tax is charged in a fiscal year on profits arising in the accounts for the period ending in that tax year. Compare: preceding year basis …   Accounting dictionary

  • current-year basis — The basis of assessment for tax purposes in the UK in which tax is charged in a fiscal year on profits arising in the accounts for the period ending in that tax year. Compare preceding year basis …   Big dictionary of business and management

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