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Finance Act 2022
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- UK Public General Acts
- 2022 c. 3
- SCHEDULE 1
- PART 6
- Paragraph 74
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Transition profits ignored in averaging of profits of farmers and creative artists
74No amount of the transition profits for the tax year 2023-24 treated as arising and chargeable to income tax in a tax year (see Step 5 of the calculation in paragraph 70(2) and paragraphs 72 and 73) is to be taken into account in determining “the relevant profits” for the purposes of Chapter 16 of Part 2 of ITTOIA 2005 (averaging profits of farmers and creative artists).
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