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Income Tax (Trading and Other Income) Act 2005

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Changes over time for: Paragraph 55

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Point in time view as at 07/04/2005.

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There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Paragraph 55. Help about Changes to Legislation

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55(1)The first tax years which may be the subject of an averaging claim under section 222 are the tax years 2004-05 and 2005-06.U.K.

(2)If—

(a)an individual carries on a trade of farming or market gardening in the United Kingdom in partnership, and

(b)but for the repeal by this Act of section 96 of ICTA the individual could have made a claim under that section in relation to the profits of that trade for the tax years 2004-05 and 2005-06,

the individual may make an averaging claim under section 222 of this Act in relation to those profits for those tax years (despite anything in Chapter 16 of Part 2 of this Act to the contrary).

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