221 Claim for averaging of fluctuating profits
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Chapter 16
Averaging Profits of Farmers and Creative Artists

221  Claim for averaging of fluctuating profits

(1)     This Chapter enables an individual (a “taxpayer”) to make a claim (an “averaging claim”) if—

(a)     the taxpayer is, or has been, carrying on a qualifying trade, profession or vocation (alone or in partnership), and

(b)     the taxpayer's profits from it (“the relevant profits”) fluctuate from one tax year to the next.

(2)     [For the purposes

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