SCHEDULES

F1F1F2SCHEDULE 4A CREATIVE ARTISTS: RELIEF FOR FLUCTUATING PROFITS

Annotations:
Amendments (Textual)
F1

Sch. 4A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 342, Sch. 3 (with Sch. 2)

10Effect of later adjustment of profits

1

If after the taxpayer has made an averaging claim, his relevant profits in either or both of the tax years to which the claim relates are adjusted for some other reason—

a

the averaging claim shall be disregarded, and

b

a further averaging claim may be made in relation to the taxpayer’s relevant profits as adjusted.

2

A further averaging claim is not out of time provided it is made not later than twelve months after the 31st January next following the tax year in which the adjustment for the other reason is made.