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