xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
6. The claimant’s (“C”) trading income is—
(a)the amount of C’s taxable profits for the tax year arising 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 provision of these Regulations; or
(b)the amount of C’s taxable profits for the year arising from C’s share of the partnership trading or professional income where C is a partner in a trade, profession or vocation.
In this regulation “taxable profits” has the same meaning as it has in Part 2 of ITTOIA, but disregarding the relevant benefit amount in section 23E (tax treatment of relevant benefits) and Chapter 16 of that Part (averaging profits of farmers and creative artists) [F2, and any amount of transition profits for the tax year 2023-24 under Step 5 of paragraph 70(2) and paragraphs 72 and 73 of Schedule 1 (abolition of basis periods) to the Finance Act 2022.]]
Textual Amendments
F1Reg. 6 substituted (25.9.2020) by The Tax Credits (Coronavirus, Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/941), regs. 1, 2(2)
F2Words in reg. 6 inserted (15.3.2023) by The Tax Credits and Child Benefit (Miscellaneous Amendments) Regulations 2023 (S.I. 2023/179), regs. 1, 2(2)