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The Tax Credits (Definition and Calculation of Income) Regulations 2002

S.I. 2002/2006 · Made 30 July 2002 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 April 2024.

TAX CREDITS

Made 30th July 2002

Coming into force in accordance with regulation 1

M1 Whereas a draft of this instrument, which contains the first regulations made under section 7(8) and (9) of the Tax Credits Act 2002, has been laid before, and approved by resolution of, each House of Parliament:

Now, therefore, the Treasury, in exercise of the powers conferred upon them by sections 7(8) and (9), 65(1), (7) and (9) and 67 of the Tax Credits Act 2002M2, hereby make the following Regulations:C1C2C3C4

Annotations to the whole text

Marginal citations

M1

2002 c.21.

M2

Section 67 is cited because of the meaning ascribed to “prescribed”.

Modifications

C1

Regulations modified (6.4.2003) by The Tax Credits (Polygamous Marriages) Regulations 2003 (S.I. 2003/742), regs. 1(1), 35-38 (with reg. 1(2))

C2

Regulations applied (with modifications) (13.10.2014) by S.I. 2014/1230 reg. 12A(2) Sch. paras. 12-23 (as inserted by The Universal Credit (Transitional Provisions) (Amendment) Regulations 2014 (S.I. 2014/1626), regs. 1(2), 4(1))

C3

Regulations applied with modification(s) (coming into force in accordance with reg.1 of the amending Rule) by The Universal Credit (Transitional Provisions) Regulations (Northern Ireland) 2016 (S.R. 2016/226), Sch. paras. 11-23

C4

Regulations amendment to earlier affecting provisions S.I. 2014/1230, reg. 12A, Sch. 1 paras. 12-23 (6.4.2024) by The Social Security and Universal Credit (Migration of Tax Credit Claimants and Miscellaneous Amendments) Regulations 2024 (S.I. 2024/341), regs. 1(4), 8(3)(4)

Contents

  1. Part 1: General Provisions
  2. 1Citation, commencement and effect
  3. 2Interpretation
  4. Part 2: Income for the purposes of tax credits
  5. General
  6. 3Calculation of income of claimant
  7. Employment Income
  8. 4Employment income
  9. Pension Income
  10. 5Pension Income
  11. Trading Income
  12. 6Trading income
  13. 6ATrading Income: in-year finalisation
  14. 6BTrading Income: in-year finalisation
  15. Social Security Income
  16. 7Social security income
  17. Student Income
  18. 8Student Income
  19. 9Payments of income in connection with students to be disregarded for the purposes of regulation 3
  20. Investment Income
  21. 10Investment income
  22. Property income
  23. 11Property income
  24. Foreign income
  25. 12Regulation 12
  26. Notional Income
  27. 13Introduction
  28. 14Claimants treated for any purpose as having income by virtue of the Income Tax Acts
  29. 15Claimants depriving themselves of income in order to secure entitlement
  30. 16Claimants to whom income becomes available upon the making of a claim
  31. 17Claimants providing services to other persons for less than full earnings
  32. Miscellaneous income
  33. 18Miscellaneous income
  34. Part 3: Sums disregarded in the calculation of income
  35. 19General disregards in the calculation of income
  36. Signature
  37. Explanatory note