PART 6A

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

Trading allowance

Partial relief

Partial relief: alternative calculation of trade profits
783AI
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.
...
3
Subject to section 783AK, the deductible amount is equal to the individual's trading allowance for the tax year.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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
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)
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)