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Changes over time for: Paragraph 10
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No versions valid at: 13/04/2003
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Changes to legislation:
Finance Act 2003, Paragraph 10 is up to date with all changes known to be in force on or before 28 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 10/07/2003
10(1)This paragraph applies to an individual for a year of assessment for which—U.K.
(a)the individual qualifies for relief under this Schedule,
(b)his total foster care receipts do not exceed his limit, and
(c)paragraph 15 (cases where accounting date for trade, profession or vocation is other than 5th April) does not apply.
(2)If the individual’s foster care receipts for the year of assessment are the receipts of a trade, profession or vocation, the profits or losses from that trade, profession or vocation for the year are to be treated as nil.
(3)If, in a case falling within sub-paragraph (2), the individual would, apart from that sub-paragraph, be entitled to a deduction for the year under section 63A(1) or (3) of the Taxes Act 1988 (overlap profits and overlap losses), the individual is entitled to that deduction notwithstanding that sub-paragraph.
(4)Sub-paragraph (5) applies if the individual’s foster care receipts for the year of assessment are receipts from one or more foster care arrangements.
(5)For each foster care arrangement from which those receipts arise, the amount of—
(a)the receipts arising in the year of assessment from the arrangement, less
(b)any expenses associated with those receipts,
is to be treated as nil.
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