SCHEDULES

SCHEDULE 3Trading and property allowances

PART 2Consequential amendments

ITTOIA 2005

4

In Chapter 2 of Part 2 (trading income: income taxed as trade profits), after section 22 insert—

Trading allowance

22ATrading allowance

1

The rules for calculating the profits of a trade, profession or vocation carried on by an individual are subject to Chapter 1 of Part 6A (trading allowance).

2

That Chapter gives relief on relevant income and, where relief is given, disallows most deductions under this Part (see, in particular, sections 783AC, 783AF and 783AI).