Point in time view as at 07/04/2005.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Paragraph 55.
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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