SCHEDULES
SCHEDULE 3Calculation of income
PART 4Residual income
CHAPTER 2Residual income of persons other than an eligible student
Income from business or profession17
1
Sub-paragraph (2) applies where—
a
the applicable financial year for the purposes of calculating P's residual income is PY-1, and
b
the Welsh Ministers are satisfied that P's income is wholly or mainly derived from the profits of a business or profession carried on by P.
2
Where this paragraph applies, P's residual income is P's income for the earliest period of twelve months ending in PY-1 in respect of which accounts are kept relating to P's business or profession.