Income Tax (Trading and Other Income) Act 2005 section 783BB

"Relievable receipts" of a property business

Section 783BB defines what counts as "relievable receipts" of a property business for the purposes of the property income allowance rules, and sets out certain categories of income that are excluded from this definition.

• Relievable receipts are all amounts that would normally be included as income when calculating the profits of an individual's relevant property business for a tax year
• Rent-a-room income is excluded from relievable receipts where the individual qualifies for rent-a-room relief in the tax year
• Certain balancing charges — known as non-relievable balancing charges — are also excluded from the definition of relievable receipts
• Items such as adjustment income and post-cessation receipts, which are taxed under other parts of the legislation rather than as ongoing property business profits, fall outside the scope of relievable receipts