11(1)This paragraph applies where an individual makes a change of basis—
(a)on ceasing to take advantage of the exemption given by section 43 of the Finance Act 1998 (c. 36) (barristers and advocates in early years of practice), or
(b)on that exemption coming to an end.
(2)Where this paragraph applies any adjustment charge is spread over ten tax years, as follows.
(3)In each of the nine tax years beginning with that in which the whole amount would otherwise be chargeable to tax, an amount equal to whichever is the less of—
(a)one-tenth of the amount of the adjustment charge, and
(b)10% of the profits of the profession for that tax year,
is treated as arising and chargeable to tax.
For the purposes of paragraph (b) the profits of the profession means the profits as computed for the purposes of Case II of Schedule D, leaving out of account any allowances or charges under the Capital Allowances Act 2001 (c. 2).
(4)In the tenth tax year the balance of the adjustment charge is treated as arising and chargeable to tax.
(5)If before the whole of the adjustment charge has been charged to tax the profession is permanently discontinued, the preceding provisions of this paragraph continue to apply, but with the omission of the alternative limit in sub-paragraph (3)(b) by reference to profits of the profession.
(6)This paragraph has effect subject to any election under paragraph 12.