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Finance Act 2022
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- UK Public General Acts
- 2022 c. 3
- SCHEDULE 1
- PART 3
- Paragraph 45
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Income Tax Act 2007U.K.
45(1)Section 74C (meaning of “non-active capacity” for purposes of section 74A etc) is amended as follows.
(2)For subsection (3) substitute—
“(3)For this purpose “the relevant period” means—
(a)where the individual first started to carry on the trade less than six months before the end of the tax year, the period of six months beginning with the date on which the individual first started to carry on the trade;
(b)where the individual permanently ceased to carry on the trade less than six months after the start of the tax year, the period of six months ending with the date on which the individual permanently ceased to carry on the trade;
(c)in any other case, the tax year.”
(3)Omit subsection (4).
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