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).