# Finance Act 2022, Paragraph 74: Transition profits ignored in averaging of profits of farmers and creative artists

Extent: E+W+S+N.I.

No amount of the transition profits for the tax year 2023-24 treated as arising and chargeable to income tax in a tax year (see Step 5 of the calculation in paragraph 70(2) and paragraphs 72 and 73) is to be taken into account in determining “the relevant profits” for the purposes of Chapter 16 of Part 2 of ITTOIA 2005 (averaging profits of farmers and creative artists).

---
Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/1/paragraph/74 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-1/paragraph-74
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.