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- Point in Time (26/11/2003)
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Version Superseded: 06/04/2006
Point in time view as at 26/11/2003.
There are currently no known outstanding effects for the The Tax Credits (Definition and Calculation of Income) Regulations 2002, Cross Heading: CHAPTER 8.
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11.—(1) In these Regulations “property income” means the annual taxable profits arising from a business carried on for the exploitation, as a source of rents or other receipts, of any estate, interest or rights in or over land in the United Kingdom.
Expressions which are used in this paragraph which are defined in section 15 of the Taxes Act M1 for the purposes of that section bear the same meaning here as they bear in that section.
This paragraph is subject to the following [F1qualifications].
(2) In calculating property income there shall be disregarded any profits or gains—
(a)treated as nil by paragraph 9 of Schedule 10 to the Finance (No. 2) Act 1992 M2; or
(b)excluded from profits or gains by paragraph 11 of that Schedule M3.
[F2(3) Where a Schedule A business (as defined within Schedule A set out in section 15 of the Taxes Act) makes a loss to which the relief provisions of section 379A of the Taxes Act apply, then such relief as may arise under subsection (1) of that section shall be applied in calculating property income for the purposes of this regulation.]
Textual Amendments
F1Word in reg. 11(1) substituted (26.11.2003) by The Tax Credits (Miscellaneous Amendments No.2) Regulations 2003 (S.I. 2003/2815), regs. 1, 9(2)
F2Reg. 11(3) added (26.11.2003) by The Tax Credits (Miscellaneous Amendments No.2) Regulations 2003 (S.I. 2003/2815), regs. 1, 9(3)
Marginal Citations
M1Section 15 was partly repealed by Part 5 of Schedule 14 to the Finance Act 1988 (c.39), amended by paragraphs 1 and 2 of Schedule 5 to the Finance Act 1998 (c.16).
M2Paragraph 9 was amended, for chargeable periods ending after 5th April 2001, by paragraph 86(1) and (2) of Schedule 2 to the Capital Allowances Act 2001 (c.2).
M3Paragraph 11 was amended, for chargeable periods ending after 5th April 2001, by paragraph 86(3) of Schedule 2 to the Capital Allowances Act 2001.
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