SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 3Trading income
Averaging profits of farmers and creative artists
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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).