Part 2Trading income

Chapter 17Adjustment income

Spreading of adjustment income: barristers and advocates

239Election to accelerate charge under section 238

1

An individual who under section 238 is liable to tax for a tax year on an amount of adjustment income may elect for an additional amount to be treated as arising in the tax year.

2

The election must be made on or before the first anniversary of the normal self-assessment filing date for the tax year.

3

The election must specify the amount to be treated as income arising in the tax year (which may be any amount of the adjustment income not previously charged to tax).

4

If an election is made, section 238 applies in relation to any subsequent tax year as if the amount of adjustment income (as reduced by any previous application of this section) were reduced by the amount given by the following formula—

A×10Tmath

where—

A is the additional amount treated as arising in the tax year for which the election is made, and

T is the number of tax years remaining after that tax year in the period of 10 tax years referred to in section 238.