The essential features of new averaging requirements.
New farmers’ averaging requirements will appear in the Finance Bill 2016 that will apply from April 2016. The essential features will be:
- no requirement for a volatility test
- no requirement for an annual claim
- irrevocable opt in election for five years
- transitional averaging for newer businesses.
This means an averaging claim for 2016/17 will result in averaging 2012/13 to 2016/17 being calculated through five years.
Article from ACCA In Practice