Section 783AI | Partial relief: alternative calculation of trade profits ^F1

(1)This section applies if—^F1

(a)an individual qualifies for partial relief for a tax year, and^F1

(b)the individual's relevant income for the tax year consists of or includes receipts of one or more relevant trades.^F1

(2)The profits or losses for the tax year of each of the individual's relevant trades are given by taking the following steps—^F1F2

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.^F1

(4)Repealed^F3F1