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Legislation

Income Tax (Trading and Other Income) Act 2005

Chapter 16 Averaging profits of farmers and creative artists

Find in this level

Section 221 Claim for averaging of fluctuating profits
Section 221A Claim not available where cash basis used
Section 222 Circumstances in which claim for two-year averaging may be made
Section 222A Circumstances in which claim for five-year averaging may be made
Section 223 Adjustment of profits
Section 224 Effect of adjustment
Section 225 Effect of later adjustment of profits

Chapter 16 · Averaging profits of farmers and creative artists
Claim not available where cash basis used

Section 221A | Claim not available where cash basis used

From legislation.gov.uk

Nothing in this Chapter applies in calculating the profits of a trade on the cash basis.