Changes

==Operation in various countries==

==Operation in various countries==

Such fiscal years are typically numbered using a calendar year and quarter thereof. A '''fiscal quarter''' is 3 months (1/4 of a year). For example, the [[Federal government of the United States|United States government]] fiscal year for [[2008]] ("FY08", sometimes written "FY07–08") is as follows:

Such fiscal years are typically numbered using a calendar year and quarter thereof. A '''fiscal quarter''' is 3 months (1/4 of a year). For example, the [[Federal government of the United States|United States government]] fiscal year for 2008 ("FY08", sometimes written "FY07–08") is as follows:

*1st Quarter: [[October 1]], [[2007]] – [[December 31]], [[2007]]

*1st Quarter: October 1, 2007 – December 31, 2007

*2nd Quarter: [[January 1]], [[2008]] – [[March 31]], [[2008]]

*2nd Quarter: January 1, 2008 – March 31, 2008

*3rd Quarter: [[April 1]], [[2008]] – [[June 30]], [[2008]]

*3rd Quarter: April 1, 2008 – June 30, 2008

*4th Quarter: [[July 1]], [[2008]] – [[September 30]], [[2008]]

*4th Quarter: July 1, 2008 – September 30, 2008

The U.S. government's fiscal year begins on [[October 1]] of the previous calendar year and ends on [[September 30]] of the year with which it is numbered. Prior to [[1976]], the fiscal year began on [[July 1]] and ended on [[June 30]]. The [[Congressional Budget and Impoundment Control Act of 1974]] stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from [[July 1]], [[1976]] to [[September 30]], [[1976]]. As stated above, the tax year for a business is governed by the fiscal year it chooses.

The U.S. government's fiscal year begins on October 1 of the previous calendar year and ends on September 30 of the year with which it is numbered. Prior to 1976, the fiscal year began on July 1 and ended on June 30. The [[Congressional Budget and Impoundment Control Act of 1974]] stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.

The [[Government of Australia|Australian government]]'s fiscal year begins on [[July 1]] and concludes on [[June 30]] of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own. In [[Canada]], the [[United Kingdom]], [[New Zealand]], [[India]], [[Hong Kong]] and [[Japan]], the government's '''financial year''' runs from [[April 1]] to [[March 31]].  [[United Kingdom corporation tax]] is charged by reference to the government's financial year, but companies can adopt any year as their accounting year:  if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis. Japan's [[income tax]] year runs from January 1 to December 31, but corporation tax is charged by their own one year period.  

The [[Government of Australia|Australian government]]'s fiscal year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own. In [[Canada]], the [[United Kingdom]], [[New Zealand]], [[India]], [[Hong Kong]] and [[Japan]], the government's '''financial year''' runs from April 1 to March 31.  [[United Kingdom corporation tax]] is charged by reference to the government's financial year, but companies can adopt any year as their accounting year:  if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis. Japan's [[income tax]] year runs from January 1 to December 31, but corporation tax is charged by their own one year period.  

In the UK, the '''tax year''' (which governs liability to personal income tax and [[capital gains tax]]) runs from [[April 6]] to [[April 5]]. This reflects the old [[ecclesiastical calendar]], with [[New Year]] falling on [[March 25]] (''[[Lady Day]]''), the difference being accounted for by the eleven days "missed out" when [[Kingdom of Great Britain|Great Britain]] converted from the [[Julian Calendar]] to the [[Gregorian Calendar]] in [[1752]] (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (''Times of Payment of Rents, Annuities, &c.'') of the [[Calendar (New Style) Act 1750]], the 1752–3 tax year was extended by 11 days).  From 1753 until 1799, the tax year in Great Britain began on [[5 April]], which was the "[[old style]]" new year of [[25 March]]. A 12th skipped Julian leap day in 1800 changed its start to [[6 April]]. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the [[United Kingdom]] is still [[6 April]].  

In the UK, the '''tax year''' (which governs liability to personal income tax and [[capital gains tax]]) runs from April 6 to April 5. This reflects the old [[ecclesiastical calendar]], with [[New Year]] falling on March 25 (''[[Lady Day]]''), the difference being accounted for by the eleven days "missed out" when [[Kingdom of Great Britain|Great Britain]] converted from the [[Julian Calendar]] to the [[Gregorian Calendar]] in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (''Times of Payment of Rents, Annuities, &c.'') of the [[Calendar (New Style) Act 1750]], the 1752–3 tax year was extended by 11 days).  From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the "[[old style]]" new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the tax year in the [[United Kingdom]] is still 6 April.  

[[Republic of Ireland|Ireland]] also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy, to match the calendar year (the 2001 tax year was nine months, from April to December).

[[Republic of Ireland|Ireland]] also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy, to match the calendar year (the 2001 tax year was nine months, from April to December).