This Statutory Instrument has been made as a consequence of a defect in S.I. 2020/534 and is being issued free of charge to all known recipients of that Statutory Instrument.
2020 No. 941
The Tax Credits (Coronavirus, Miscellaneous Amendments) (No. 2) Regulations 2020
Made
Laid before Parliament
Coming into force
The Treasury, in exercise of the powers conferred by sections 7(8), 10(2) and 65(1) of the Tax Credits Act 20021, make the following Regulations.
Citation and commencement1
These Regulations may be cited as the Tax Credits (Coronavirus, Miscellaneous Amendments) (No. 2) Regulations 2020 and come into force on 25th September 2020.
Amendment of the Tax Credits (Definition and Calculation of Income) Regulations 20022
1
The Tax Credits (Definition and Calculation of Income) Regulations 20022 are amended as follows.
2
For regulation 6 (trading income)3 substitute—
Trading income6
The claimant’s (“C”) trading income is—
a
the amount of C’s taxable profits for the tax year arising 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 provision of these Regulations; or
b
the amount of C’s taxable profits for the year arising from C’s share of the partnership trading or professional income where C is a partner in a trade, profession or vocation.
In this regulation “taxable profits” has the same meaning as it has in Part 2 of ITTOIA4, but disregarding the relevant benefit amount in section 23E (tax treatment of relevant benefits) and Chapter 16 of that Part (averaging profits of farmers and creative artists).
3
In regulation 19 (general disregards in the calculation of income)5 in Table 6 (sums disregarded in the calculation of income)—
a
omit entry 36; and
b
after entry 35 insert—
37. Any payment made under the scheme known as the NHS Test and Trace Self-Isolation Payment Scheme established on 1st September 2020 in respect of England or under any similar scheme established in respect of Wales, Scotland or Northern Ireland.
Amendment of the Working Tax Credit (Entitlement and Maximum Rate) Regulations 20023
1
The Working Tax Credit (Entitlement and Maximum Rate) Regulations 20026 are amended as follows.
2
In regulation 2 (interpretation) in the definition of “furloughed employee under the Coronavirus Job Retention Scheme” after “Coronavirus Act 2020” insert “or a person who is within paragraph 10.1 of the Schedule to the further direction given by the Chancellor under section 76 of that Act on 25th June 20207”.
(This note is not part of the Regulations)