F1PART 6AIncome charged under this Act: trading and property allowances
C1CHAPTER 1Trading allowance
Pt. 6A Ch. 1 excluded (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 4(4)
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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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