BIM84100 - Averaging: checklist

To carry out an initial review of an averaging claim, check that:

1. The trade, profession or vocation is a qualifying one (see BIM84050).
2. Where the trade is farming, market gardening or intensive rearing of livestock or fish, it is carried on in the UK (see BIM84050).
3. The claimant is not a company (see BIM84050).
4. The claim was made not later than the normal time limit, or, exceptionally, under the extended time limit for further claims (see BIM84150).
5. The claim covers two or five consecutive tax years (see BIM84115).
6. The profits dealt with by the claim are the trade profits after capital allowances and balancing charges (see BIM84120).
7. Of the profit figures, the lower figure is less than 75% of the higher figure (see BIM84130).