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

Type Statutory-Instrument
Publication 2002-07-30
Last updated 2024-04-06
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles Not indexed
Reform history JSON API
488

Words in reg. 10 Table 4 Item 8 substituted (6.4.2006) by The Tax Credits (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/766), regs. 1, 14(4)(d)(iii)

489

Words in reg. 10 Table 4 Item 7 substituted (6.4.2007) by The Tax Credits (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/824), regs. 1, 12(3)

494

Words in reg. 4(1)(d) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Tax Credits (Definition and Calculation of Income) (Amendment) Regulations 2017 (S.I. 2017/396), regs. 1(1), 3(a)(ii)

503

Word in reg. 4(4) Table 1 Item 16 omitted (21.11.2009) by virtue of The Tax Credits (Miscellaneous Amendments) (No. 2) Regulations 2009 (S.I. 2009/2887), regs. 1(a), 6(a)

508

Word in reg. 19 Table 6 Item 3 omitted (21.11.2009) by virtue of The Tax Credits (Miscellaneous Amendments) (No. 2) Regulations 2009 (S.I. 2009/2887), regs. 1(a), 7(2)(a)

509

Words in reg. 3(5)(b) omitted (6.4.2014) by virtue of The Tax Credits (Miscellaneous Amendments) Regulations 2014 (S.I. 2014/658), regs. 1, 4(4)

512

Word in reg. 12(3)(c)(iii) omitted (6.4.2006) by virtue of The Tax Credits (Miscellaneous Amendments) Regulations 2006 (S.I. 2006/766), regs. 1, 16(4)(b)(i)

515

Details of this scheme have been published on www.homesforukraine.campaign.gov.uk. Paper copies of all relevant documentation relating to the scheme are available for inspection at: Her Majesty’s Revenue and Customs at 14 Westfield Avenue, Stratford, London E20 1HZ.

521

Reg. 19 Table 6 items 45-47 Table 6 items 45-47 inserted (13.3.2024) by The Tax Credits (Miscellaneous Amendments) Regulations 2024 (S.I. 2024/176), regs. 1, 3(2)(b)(ii)

522

Words in reg. 19 Table 6 item 22 omitted (13.3.2024) by virtue of The Tax Credits (Miscellaneous Amendments) Regulations 2024 (S.I. 2024/176), regs. 1, 3(2)(b)(i)

526

Words in reg. 5(1)(o) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), reg. 5(2)(a)

527

Words in reg. 5(2) Table 2 substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), reg. 5(2)(b)

Trading Income: in-year finalisation

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.
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.

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