The Universal Credit (Transitional Provisions) Regulations 2014

[F1 Modifications to the Tax Credits (Definition and Calculation of Income) Regulations 2002 U.K.

16.   In regulation 6 (trading income)—

(a) re-number the existing regulation as paragraph (1);

(b) in paragraph (1) (as so re-numbered)—

(i) in sub-paragraph (a), for “taxable profits for the tax year” substitute “actual or estimated taxable profits attributable to the part tax year”;

(ii) in sub-paragraph (b), for “taxable profit for the” substitute “actual or estimated taxable profit attributable to the part tax”;

(c) after paragraph (1) insert—

“(2) Actual or estimated taxable profits attributable to the part tax year (“the relevant trading income”) is to be calculated by reference to the basis period (determined by reference to the rules in Chapter 15 of Part 2 of ITTOIA) ending during the tax year in which the claimant made, or was treated as making, a claim for universal credit.

(3) The relevant trading income is to be calculated by—

(a) taking the figure for the actual or estimated taxable income earned in the basis period;

(b) dividing that figure by the number of days in the basis period to give the daily figure; and

(c) multiplying the daily figure by the number of days in the part tax year on which the trade, profession or vocation was carried on.”.]

Textual Amendments

F1 Sch. inserted (13.10.2014) by The Universal Credit (Transitional Provisions) (Amendment) Regulations 2014 (S.I. 2014/1626), reg. 1(2), 4(2)