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Taxation (Averaging)

Volume 974: debated on Monday 26 November 1979

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asked the Chancellor of the Exchequer whether he will list those categories of working people allowed to average their tax liability over two or more years.

[pursuant to his reply, 22 November 1979, c. 329]: There are no provisions to average tax liabilities. Farmers and market gardeners may, in certain circumstances, average their profits over two consecutive years for income tax purposes. There are in addition limited provisions enabling authors, artists and inventors to spread certain lump sum payments for tax purposes over more than one year.