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Contents

Official guidance
Business Income Manual

BIM81200 · Tax year basis and transitional rules

  • BIM81201 · Tax year basis: profits arising in the tax year 2024-25 and onwards
  • BIM81210 · Late accounting date rules
  • BIM81230 · Transitional rules: transitional rules for 2023-24 - introduction
  • BIM81240 · Transitional rules: trades commencing in 2023-24
  • BIM81250 · Transitional rules: trades commencing before 2023-24 (continuing trades) - introduction
  • BIM81260 · Transitional rules: basis period components for continuing trades
  • BIM81270 · Transitional rules: computing profits for the 2023-24 basis period
  • BIM81280 · Transitional rules: no transition part of the basis period
  • BIM81290 · Transitional rules: transition part of the basis period exists
  • BIM81300 · Transitional rules: treatment of losses arising from deduction of overlap profits from transition profits
  • BIM81310 · Transitional rules: spreading transition profits
  • BIM81320 · Transitional rules: calculating the income tax liability on the transition profits
  • BIM81340 · Transitional rules: partners with continuing notional business
  • BIM81350 · Transitional rules: averaging profits of farmers and creative artists
  • BIM81360 · List of examples in this guidance
  1. Tax year basis and transitional rules: contents
  2. Transitional rules: averaging profits of farmers and creative artists

BIM81350 | Transitional rules: averaging profits of farmers and creative artists

From HM Revenue & Customs · Business Income Manual

Transition profits should not be taken account in determining “the relevant profits” for the purposes of averaging profits of farmers and creative artists in Chapter 16 of Part 2 of ITTOIA 2005 (see BIM84000 for guidance on averaging profits).

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