Part 7

Income charged under this Act: rent-a-room and qualifying care relief
Chapter 2

qualifying care relief

Alternative calculation of profits if amount exceeds limit

Election for alternative methodof calculating profits
818
1
An individual may elect for the alternative method of calculating profits given in sections 816 and 817 to apply if—
a
the individual qualifies for qualifying care relief for a tax year,
b
the individual's total qualifying care receipts for the tax year exceed the individual's limit for the tax year, and
c
sections 822 and 823 do not apply (accounting date for trade not 5th April).
2
An election under this section—
a
must specify the tax year for which it is made, and
b
has effect for that year (unless withdrawn by notice given by the individual).
3
An election or notice of withdrawal under this section must be made or given to the Inland Revenue on or before—
a
the first anniversary of the normal self-assessment filing date for the tax year for which the election is made, or
b
such later date as the Inland Revenue may, in a particular case, allow.
Words in s. 818(1)(a) substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 19 (with Sch. 1 para. 37)
Words in Pt. 7 heading substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 34 (with Sch. 1 para. 37)
Pt. 7 Ch. 2 heading substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 29 (with Sch. 1 para. 37)
Words in s. 818(1)(b) substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 19 (with Sch. 1 para. 37)