The Tax Credits (Definition and Calculation of Income) Regulations 2002

Trading incomeU.K.

6.  The claimant’s trading income is—

(a)the amount of his taxable profits for the tax year from—

(i)any trade carried on in the United Kingdom or elsewhere;

(ii)any profession or vocation the income from which does not fall under any other provisions of these Regulations; or

(b)if the claimant is a partner in the trade, profession or vocation, his taxable profit for the year arising from his share of the partnership’s trading or professional income.

[F1Here “taxable profits” has the same meaning as it has in Part 2 of ITTOIA but disregarding Chapter 16 of that Part (averaging profits of farmers and creative artists).]

Textual Amendments