Income Tax: averaging rules for farmers
This applies to individuals who are eligible to average their business profits for Income Tax purposes under the averaging rules for farmers.
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This legislation will enable an individual who carries on a qualifying trade to average their profits over 5 years for Income Tax purposes. They will continue to have the option to average over 2 years. The legislation will also simplify the rules for farmers and creative artists who can benefit from two-year averaging where the profits of one year are 75% or less of the profits of the other year.