PART 6A

Income charged under this Act: trading and property allowances
CHAPTER 1

Trading allowance

Basic definitions

The individual's “relevant income”
783AC
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.
Pt. 6A Ch. 1 excluded (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 4(4)
Pt. 6A inserted (16.11.2017) (with effect in accordance with Sch. 3 para. 13 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 3 para. 1