Part 2Trading income
Chapter 11Trade profits: other specific trades
Barristers and advocates
160Alternative basis of calculation in early years of practice
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.