Section 783AJ Partial relief: alternative calculation of chargeable miscellaneous incomeF1
(1)
This section applies if—
(a)
an individual qualifies for partial relief for a tax year, and
(b)
the individual's relevant income for the tax year consists of or includes miscellaneous income.
(2)
The amount of miscellaneous income chargeable to income tax for the tax year is—
(a)
the miscellaneous income for the tax year, less
(b)
the deductible amount.
(3)
Subject to section 783AK, the deductible amount is equal to the individual's trading allowance for the tax year.
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)