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

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Changes and effects yet to be applied to Part 2 Crossheading Trading-income:

  • Regulations amendment to earlier affecting provisions S.I. 2014/1230, reg. 12A, Sch. paras. 12-23 by S.I. 2024/341 reg. 8(3)(4)

CHAPTER 4U.K. Trading Income

[F1 Trading incomeU.K.

6.  The claimant’s (“C”) trading income is—

(a)the amount of C’s taxable profits for the tax year arising from—

(i)any trade carried on in the United Kingdom or elsewhere;

(ii)any profession or vocation the income from which does not fall under any other provision of these Regulations; or

(b)the amount of C’s taxable profits for the year arising from C’s share of the partnership trading or professional income where C is a partner in a trade, profession or vocation.

In this regulation “taxable profits” has the same meaning as it has in Part 2 of ITTOIA, but disregarding the relevant benefit amount in section 23E (tax treatment of relevant benefits) and Chapter 16 of that Part (averaging profits of farmers and creative artists) [F2, and any amount of transition profits for the tax year 2023-24 under Step 5 of paragraph 70(2) and paragraphs 72 and 73 of Schedule 1 (abolition of basis periods) to the Finance Act 2022.]]

Textual Amendments

[F3Trading Income: in-year finalisationU.K.

6A.  This regulation applies where—

(a)an award of universal credit is made to a person who was previously entitled to a tax credit;

(b)the award of that tax credit has terminated;

(c)the date on which the award terminated falls in the tax year to which that award relates (“the relevant tax year”); and

(d)the claimant carried on a trade, vocation or profession during the part tax year.

Textual Amendments

6B.—(1) Where regulation 6A applies, a claimant’s trading income for the purposes of the first paragraph in Step 4 in regulation 3(1) is the claimant’s actual or estimated taxable profits attributable to the part tax year (“the relevant trading income”).

(2) The relevant trading income is to be calculated by reference to the basis period ending during the relevant tax year.

(3) The basis period is to be determined by reference to the rules in Chapter 15 of Part 2 of ITTOIA.

(4) The relevant trading income is calculated by—

(a)taking the figure for the actual or estimated taxable income earned in the basis period;

(b)dividing that figure by the number of days in the basis period to give the daily figure; and

(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.]

Textual Amendments

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