Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 36 Foster carers

Part 2 The exemption and the alternative methods of calculation

Alternative calculation of profits: income from trade etc

12 (1) This paragraph applies if—

(a) the alternative method of calculating profits applies to an individual for a year of assessment, and

(b) his foster care receipts for the year are the receipts of a trade, profession or vocation.

(2) The profits of the year of assessment of the trade, profession or vocation from which the individual’s foster care receipts arise are—

(a) the amount of the foster care receipts for the year arising from the trade, profession or vocation, less

(b) the individual’s limit for the year.