F1PART 6AIncome charged under this Act: trading and property allowances

Annotations:
Amendments (Textual)
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

C1CHAPTER 1Trading allowance

Annotations:
Modifications etc. (not altering text)

Partial relief

783AIPartial relief: alternative calculation of trade profits

1

This section applies if—

a

an individual qualifies for partial relief for a tax year, and

b

the individual's relevant income for the tax year consists of or includes receipts of one or more relevant trades.

2

The profits or losses for the tax year of each of the individual's relevant trades are given by taking the following steps—

  • Step 1 Calculate the total of all the amounts which would, apart from this Chapter, be brought into account as a receipt in calculating the profits of the trade for the tax year.

  • Step 2 Subtract the deductible amount.

  • F2...

3

Subject to section 783AK, the deductible amount is equal to the individual's trading allowance for the tax year.

F34

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .