Calculation of net profit of self-employed earners
11.—(1) For the purposes of regulation 12, the earnings of a resident derived from employment as a self-employed earner to be taken into account shall, subject to paragraph (3), be his net profit from that employment.
(2) For the purposes of paragraph (1), a resident’s net profit shall be calculated by taking into account his gross earnings from his employment as a self-employed earner less any relevant outgoings, liabilities or expenses.
(3) There shall be disregarded from the calculation of a resident’s net profit any sum, where applicable, specified in Schedule 2.