Regulation 25 Qualifying income
A relevant person’s qualifying income for a tax year is the sum, determined in accordance with regulation 26, of the amounts of income, from each relevant activity carried on by the person in that tax year, required to be included in the person’s return for that tax year.
However, where a tax year has ended and a relevant person has not, or not yet, been required to make and deliver a return for that tax year, the person’s qualifying income for that tax year is instead—
in a case where the person was required to give HMRC quarterly updates for the tax year, the sum of the amounts of income, from each relevant activity carried on by the person in the tax year, required to be included in the latest such update, or
in any other case, zero.
In determining an amount under paragraph (2)(a)—
an amount of income is to be included before any deductions;
no amount mentioned in regulation 26(b) is to be included.