Finance Act 2003

Meaning of “foster care receipts” U.K.

3 (1) For the purposes of this Schedule, receipts are “foster care receipts” of an individual for a year of assessment if— U.K.

(a) they are receipts in respect of the provision of foster care,

(b) apart from this Schedule, they would be chargeable—

(i) under Case I or II of Schedule D as the profits of a trade, profession or vocation, or

(ii) under Case VI of Schedule D as the profits of one or more foster care arrangements, and

(c) they accrue to the individual during the income period for those receipts specified below.

(2) In the case of receipts which would, apart from this Schedule, be chargeable under Case I or II of Schedule D as the profits of a trade, profession or vocation, the income period for those receipts is the basis period of the trade, profession or vocation for the year of assessment (see sections 60 to 63 of the Taxes Act 1988).

(3) In the case of receipts which would, apart from this Schedule, be chargeable under Case VI of Schedule D as the profits of one or more foster care arrangements, the income period for those receipts is the year of assessment.