# Income Tax (Trading and Other Income) Act 2005, Section 223: Adjustment of profits

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

(1) If a taxpayer makes an averaging claim, the amount taken to be the taxpayer's profits of each of the tax years for which the claim is made is adjusted in accordance with this section.
(2) But this is subject to paragraph 3 of Schedule 1B to TMA 1970 (claim given effect in the last of the two or five tax years).
(3) The amount of the adjusted profits of each of the tax years to which the claim relates is the average of the relevant profits of those tax years.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/223 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-223
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.