Commentary

B5.327 Circumstances in which the averaging claim may be made

Business tax
Business tax | Commentary

B5.327 Circumstances in which the averaging claim may be made

Business tax | Commentary

B5.327 Circumstances in which the averaging claim may be made

The averaging claim may be made by an individual taxpayer who has been carrying on the qualifying trade, profession or vocation either alone or in partnership in two consecutive years, and either:

  1.  

    •     the relevant profits for one of the tax years are less than 75% of the taxpayer's relevant profits for the other, or

  2.  

    •     the taxpayer's relevant profits for one (but not both) of the tax years are nil1

A claim may not be made for a tax year if an averaging claim has already been made in relation

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