Income Tax (Trading and Other Income) Act 2005 section 225ZF

Time limits etc for spreading claim

Section 225ZF sets out the time limits for making a claim to spread compensation received for the compulsory slaughter of animals, and explains what happens when adjustments are needed after an assessment has been finalised.

• A spreading claim must be made no later than the first anniversary of the normal self-assessment filing date for Year 1
• Where profits for a tax year need to be adjusted after an assessment has become final, any necessary assessment, repayment or discharge of tax must be carried out
• Tax repayments or discharges will only be made if a specific claim is submitted
• These rules ensure that spreading adjustments can still be given effect even after assessments are formally concluded