Two-year averaging

An averaging claim may be made in relation to two consecutive tax years in which a taxpayer is or has been carrying on a qualifying trade, profession or vocation if (ITTOIA 2005, s. 222(1)):

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

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

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