Profit Assessment

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Definitions
Preceding-Year Basis (PYB)
Preceding-Year Basis PYB Profit Assessment Fiscal Year Tax Year UK Taxation Current-Year Basis
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.
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