Section 47: Transitional year of assessment.

(1) Where the year of assessment for a taxpayer changes from an ordinary year of assessment to a substitutedyear of assessment to an ordinary year of assessment or from one substituted year of assessment to another, the period between the last full year of' assessment prior to the change and the date on which the changed year of assessment commences shall be treated s a separate year of assessment, to be known as a "transitional year of as assessment”. (2) Reference to a year of assessment shall be read, in the case of a taxpayer to which or to whom subsection (1) applies, as a reference to the taxpayer’s transitional year of assessment.