Section 783AA “Relevant trade” of an individualF1

(1)

For the purposes of this Chapter, a trade carried on by an individual is a “relevant trade” of the individual for a tax year if—

(a)

the individual carries on the trade otherwise than in partnership, and

(b)

the trade is not a rent-a-room trade in relation to the individual for the tax year.

(2)

For the purposes of subsection (1)(b) a trade is a “rent-a-room trade” in relation to an individual for a tax year if—

(a)

the individual qualifies for rent-a-room relief for the tax year, and

(b)

the individual has rent-a-room receipts for the tax year which would, apart from Chapter 1 of Part 7 (rent-a-room relief), be brought into account in calculating the profits of the trade.

See section 783AR for definitions relevant to this subsection.

(3)

In this Chapter references to a trade include references to a profession or vocation.

Annotations

Textual amendments

F1: 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

Notes on Chapter 1

Modifications

C1: Pt. 6A Ch. 1 excluded (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 4(4)