[225ZD Effect of claim for spreading profits]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[225ZD  Effect of claim for spreading profits]

[(1)     If the farmer makes a claim under section 225ZB in respect of the total compensation profit for a period of account (“period X”), the profits of the trade carried on by the farmer are to be adjusted for income tax purposes as follows—

Step 1

Treat the compensation payable for all of the relevant animals slaughtered in period X as a receipt of that period (regardless of when the compensation is finally determined or paid).

Step 2

If the farmer makes a profit in the trade in Year 1, deduct from the profits of

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