F1PART 6AIncome charged under this Act: trading and property allowances
CHAPTER 2Property allowance
Relief if relevant property income exceeds property allowance
783BHPartial relief: alternative calculation of property profits
1
If an individual qualifies for partial 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 relievable receipts of the property business for the tax year are brought into account.
3
No relevant expenses are brought into account.
4
The deductible amount is brought into account.
5
Subject to section 783BI, the deductible amount is equal to the individual's property allowance for the tax year.
6
In subsection (3) “relevant expenses” means all the amounts—
a
which would, apart from this section, be brought into account as a deduction in calculating the profits of the business for the tax year, and
b
which are associated with the relievable receipts.
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