[F1 PART 6A U.K. Income charged under this Act: trading and property allowances

Textual Amendments

F1 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

CHAPTER 1 U.K. Trading allowance

Modifications etc. (not altering text)

C1 Pt. 6A Ch. 1 excluded (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 4(4)

Partial relief U.K.

783AI Partial relief: alternative calculation of trade profits U.K.

(1) This section applies if—

(a) an individual qualifies for partial relief for a tax year, and

(b) the individual's relevant income for the tax year consists of or includes receipts of one or more relevant trades.

(2) The profits or losses for the tax year of each of the individual's relevant trades are given by taking the following steps—

• Step 1 Calculate the total of 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.

• Step 2 Subtract the deductible amount.

• F2 ...

(3) Subject to section 783AK, the deductible amount is equal to the individual's trading allowance for the tax year.

F3 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F2 Words in s. 783AI(2) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 21(2), 61(1)

F3 S. 783AI(4) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 21(3), 61(1)