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

Full relief: property profits

Section 783BF explains how property business profits are calculated when an individual qualifies for full relief, by excluding both the relievable receipts and their associated expenses from the computation.

• Where an individual qualifies for full relief for a tax year, this section governs how the profits of their relevant property business are calculated
• If the individual has relevant property income from two separate property businesses, the profits of each business are calculated separately under this section
• The relievable receipts of the property business for the tax year are completely excluded from the profit calculation
• Any expenses associated with those relievable receipts are also excluded, meaning neither the income nor the related costs are brought into account