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

Full relief: trade profits

Section 783AF provides that where an individual qualifies for full relief in a tax year and their relevant income includes receipts from one or more relevant trades, the profits or losses of those trades are treated as nil.

• Applies where an individual qualifies for full relief for a tax year
• The individual's relevant income must consist of or include receipts from one or more relevant trades
• Where both conditions are met, trade profits or losses for the year are treated as nil
• The nil treatment applies separately to each relevant trade