Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 2: Trading income

Chapter 16: Averaging profits of farmers and creative artists

Section 225: Effect of later adjustment of profits

919. This section explains the effect of adjusting profits after a claim is made. It is based on section 96(5) of and paragraph 10 of Schedule 4A to ICTA.

920. Subsection (4) sets out the rule for a further averaging claim. This section removes any doubt that the normal 22 month time limit applies. See Change 61 in Annex 1.