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

Part 7 U.K. Income charged under this Act: rent-a-room and [F1 qualifying care] relief

Textual Amendments

F1 Words in Pt. 7 heading substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 34 (with Sch. 1 para. 37)

Chapter 2 U.K. [F2 qualifying care relief]

Textual Amendments

F2 Pt. 7 Ch. 2 heading substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 29 (with Sch. 1 para. 37)

Periods of account not ending on 5th April U.K.

823 Alternative method of calculating profits U.K.

(1) This section applies if—

(a) the individual's total [F3 qualifying care] receipts for the period of account exceed the individual's relevant limit for the period, and

(b) the individual makes an election under this section.

(2) The profits of the trade for the tax year are—

(a) the individual's total [F4 qualifying care] receipts for the period of account, less

(b) the individual's relevant limit for the period.

(3) Sections 818(2) and (3) and 819 (adjustment of assessment) apply for the purposes of an election under this section as they apply for the purposes of an election under those sections.

Textual Amendments

F3 Words in s. 823(1)(a) substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 24 (with Sch. 1 para. 37)

F4 Words in s. 823(2)(a) substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 24 (with Sch. 1 para. 37)