F1PART 6AIncome charged under this Act: trading and property allowances
CHAPTER 1Trading allowance
Basic definitions
783ACThe individual's “relevant income”
(1)
For the purposes of this Chapter, an individual's “relevant income” for a tax year is the sum of the following—
(a)
the receipts for the tax year of the individual's relevant trades for the tax year, and
(b)
the individual's miscellaneous income for the tax year.
(2)
In subsection (1)(a) the reference to the receipts of a trade for a tax year is to all the amounts which would, apart from this Chapter, be brought into account as a receipt in calculating the profits of the trade for the tax year.