SCHEDULES

SCHEDULE 2Transitionals and savings etc.

Part 3Trading income

Averaging profits of farmers and creative artists

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.

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).