Determining the profit or loss for tax credits

A claimant’s trading income is defined in the regulations as follows:

1. •

   the amount of his taxable profits for the tax year from:

2. 1. ◦

      any trade carried on in the UK or elsewhere, and

   2. ◦

      any profession or vocation the income from which does not fall under any other provisions of the tax credits regulations

3. •

   if the claimant is a partner in the trade, profession or vocation, his taxable profit for the year arising from his share of the partnership’s trading or professional income

SI 2002/2006, reg 6

‘Taxable profits’ has the