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The Tax Credits (Definition and Calculation of Income) Regulations 2002
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Changes over time for: Section 6
Version Superseded: 25/09/2020
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[F1 Trading incomeU.K.
6.—(1) The claimant’s trading income is—
(a)the amount of the claimant’s taxable profits for the tax year from—
(i)any trade carried on in the United Kingdom or elsewhere; and
(ii)any profession or vocation the income from which does not fall under any other provisions of these Regulations; and
(b)any grant or any sum paid to the claimant under a coronavirus support scheme, except any payment made under the Coronavirus Job Retention Scheme in respect of an employee,
except where the claimant is a partner in the trade, profession or vocation in which case paragraph (2) applies.
(2) Where the claimant is a partner in a trade, profession or vocation, the claimant’s trading income is—
(a)the taxable profits for the tax year arising from the claimant’s share of the partnership’s trading or professional income; and
(b)any grant or any sum paid to the claimant under a coronavirus support scheme, except any payment made under the Coronavirus Job Retention Scheme in respect of an employee.
(3) In this regulation—
(a)“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); and
(b)“Coronavirus Job Retention Scheme” means the scheme of that name established under the direction given by the Chancellor of the Exchequer under section 76 of the Coronavirus Act 2020 on 15th April 2020 (as that Scheme has effect from time to time).]
Textual Amendments
F1Reg. 6 substituted (23.5.2020) by The Tax Credits (Coronavirus, Miscellaneous Amendments) Regulations 2020 (S.I. 2020/534), regs. 1, 3(3)
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