6. The claimant’s trading income is—
(a)the amount of his taxable profits for the tax year from—
(i)any trade carried on in the United Kingdom or elsewhere;
(ii)any profession or vocation the income from which does not fall under any other provisions of these Regulations; or
(b)if the claimant is a partner in the trade, profession or vocation, his taxable profit for the year arising from his share of the partnership’s trading or professional income.
[F1Here “taxable profits” has the same meaning as it has in Part 2 of ITTOIA but disregarding Chapter 16 of that Part (averaging profits of farmers and creative artists).]
Textual Amendments
F1Words in reg. 6 substituted (6.4.2006) by The Tax Credits (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/766), regs. 1, 11(2)