Barristers and advocatesU.K.
160Alternative basis of calculation in early years of practiceU.K.
(1)The profits of a barrister or advocate in independent practice for a period of account ending not more than 7 years after the start of such practice may be calculated in accordance with this section.
(2)For this purpose barristers and advocates start in independent practice when they first hold themselves out as available for fee-earning work.
(3)The profits of a barrister or advocate for a period of account to which this section applies may be calculated—
(a)on a cash basis, or
(b)by reference to fees earned whose amount has been agreed or in respect of which a fee note has been delivered.
(4)Once a particular basis has been adopted it must be applied consistently.
(5)If for any period of account an accounting basis is adopted that complies with section 25 (generally accepted accounting practice), the exemption from that section given by this section ceases.
(6)In that case, section 25 applies to all subsequent periods of account.