Income Tax (Trading and Other Income) Act 2005 (c. 5)

[F1 PART 6A U.K. Income charged under this Act: trading and property allowances

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

CHAPTER 2 U.K. Property allowance

Relief if relevant property income does not exceed property allowance U.K.

783BE Full relief: introduction U.K.

An individual qualifies for full relief for a tax year if—

(a) the individual has relevant property income for the tax year,

(b) the relevant property income does not exceed the individual's property allowance for the tax year, and

(c) no election by the individual under section 783BJ has effect for the tax year (election for full relief not to be given).

783BF Full relief: property profits U.K.

(1) If an individual qualifies for full relief for a tax year, this section applies in relation to the calculation of the profits of the individual's relevant property business for the tax year or, where the individual's relevant property income for the tax year consists of the relievable receipts of two relevant property businesses, the profits of each property business for the tax year.

(2) The following are not brought into account—

(a) the relievable receipts of the property business for the tax year, and

(b) any expenses associated with those receipts.]