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Regulation 8 Amendment of the Tax Credits (Definition and Calculation of Income) Regulations 2002

Original text. Later amendments are not shown.

(1)

Regulation 3 (calculation of income of claimant) is amended as follows.

(2)

In paragraph 1, Step Four, after the third sentence insert—

  • “A loss shall not be available for tax credits purposes, unless the trade was being carried on upon a commercial basis and with a view to the realisation of profits in the trade or, where the carrying on of the trade formed part of a larger undertaking, in the undertaking as a whole.”.

(3)

In paragraph (3)(b) for “section 584 of the Taxes Act,” substitute “Chapter 4 of Part 8 of ITTOIA,”.

(4)

In paragraph (8)—

(a)

in sub-paragraph (a) for “Schedule A business” substitute “UK property business”; and

(b)

at the end, for —

  • “In this paragraph “Schedule A business” and “overseas property business” have the same meanings as they have in the Taxes Act.”

substitute—

  • “In this paragraph “UK property business” and “overseas property business” have the same meanings as they have in Chapter 2 of Part 3 of ITTOIA.”.