{
  "url": "https://openlegislation.uk/universal-credit-transitional-provisions-regulations-2014/schedule/paragraph-16",
  "json_url": "https://openlegislation.uk/universal-credit-transitional-provisions-regulations-2014/schedule/paragraph-16.json",
  "legislation": "uksi/2014/1230",
  "legislation_title": "The Universal Credit (Transitional Provisions) Regulations 2014",
  "legislation_url": "https://openlegislation.uk/universal-credit-transitional-provisions-regulations-2014",
  "path": "schedule/paragraph/16",
  "kind": "paragraph",
  "number": "16",
  "heading": "Modifications to the Tax Credits (Definition and Calculation of Income) Regulations 2002",
  "text": "In regulation 6 (trading income)—\n(a) re-number the existing regulation as paragraph (1);\n(b) in paragraph (1) (as so re-numbered)—\n(i) in sub-paragraph (a), for “taxable profits for the tax year” substitute “actual or estimated taxable profits attributable to the part tax year”;\n(ii) in sub-paragraph (b), for “taxable profit for the” substitute “actual or estimated taxable profit attributable to the part tax”;\n(c) after paragraph (1) insert—\n“(2) Actual or estimated taxable profits attributable to the part tax year (“the relevant trading income”) is to be calculated by reference to the basis period (determined by reference to paragraph 63 or paragraph 65 of Schedule 1 to the Finance Act 2022, whichever applies) ending with 5th April 2024.\n(3) The relevant trading income is to be calculated by—\n(a) taking the figure for the actual or estimated taxable income earned in the basis period referred to in paragraph (2);\n(b) dividing that figure by the number of days in that period to give the daily figure; and\n(c) multiplying the daily figure by the number of days in the part tax year on which the trade, profession or vocation was carried on.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. inserted (13.10.2014) by The Universal Credit (Transitional Provisions) (Amendment) Regulations 2014 (S.I. 2014/1626), reg. 1(2), 4(2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 1 para. 16(c) substituted (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(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/1230/schedule/paragraph/16",
    "retrieved_at": "2026-11-05T03:45:32.075533+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}