Related Commentary  Related HMRC Manuals


In s. 222, in the heading, the words “for two-year averaging” inserted by FA 2016, s. 25(4)(a), with effect for the tax year 2016–17 and subsequent tax years.

222(1)  An averaging claim may be made under this section in relation to two consecutive tax years in which a taxpayer is or has been carrying on the qualifying trade, profession or vocation if–

(a)the relevant profits of one of the tax years are less than 75% of the relevant profits of the other tax year, or

(b)the relevant profits of one (but not both) of the tax years are nil.

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