Income Tax (Trading and Other Income) Act 2005

[F1 783AJ Partial relief: alternative calculation of chargeable miscellaneous income U.K.

(1) This section applies if—

(a) an individual qualifies for partial relief for a tax year, and

(b) the individual's relevant income for the tax year consists of or includes miscellaneous income.

(2) The amount of miscellaneous income chargeable to income tax for the tax year is—

(a) the miscellaneous income for the tax year, less

(b) the deductible amount.

(3) Subject to section 783AK, the deductible amount is equal to the individual's trading allowance for the tax year.]

Textual Amendments

F1 Pt. 6A inserted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 1