Part 2Trading income

Chapter 2Income taxed as trade profits

F1Trading allowance

22ATrading allowance

(1)

The rules for calculating the profits of a trade, profession or vocation carried on by an individual are subject to Chapter 1 of Part 6A (trading allowance).

(2)

That Chapter gives relief on relevant income and, where relief is given, disallows most deductions under this Part (see, in particular, sections 783AC, 783AF and 783AI).