Section 225 | Effect of later adjustment of profits

(1)This section applies if, after the taxpayer has made an averaging claim, the relevant profits in any one or more of the tax years to which the claim relates are adjusted for another reason.^F1

(2)The averaging claim is ignored.

(3)But this does not prevent a further averaging claim from being made in relation to the taxpayer's profits as adjusted for the other reason.

(4)A further averaging claim is not out of time as long as it is made on or before the first anniversary of the normal self-assessment filing date for the tax year in which the adjustment for the other reason is made.