Paragraph 3 Circumstances in which claim may be made
United Kingdom
An averaging claim may be made if the taxpayer has been carrying on the qualifying trade, profession or vocation in two consecutive tax years and either—
his relevant profits for one of the tax years are less than 75% of his relevant profits for the other, or
his relevant profits for one (but not both) of the tax years are nil.
For the purposes of paragraph 4 (years in respect of which averaging claim may be made) an averaging claim relates to both of the years involved.
Notes on Schedule 4A
Textual amendments
- F1
Sch. 4A repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 342, Sch. 3 (with Sch. 2)
- F2
Sch. 4A inserted (11.5.2001) by Finance Act 2001 (c. 9), s. 71(2), Sch. 24 para. 1