Commentary

E1.705 Alternative calculation of profits if amount exceeds limit

Personal and employment tax

E1.705 Alternative calculation of profits if amount exceeds limit

E1.705 Alternative calculation of profits if amount exceeds limit

Rules providing for an alternative method of calculating profits apply if:

  1.  

    (a)     an individual qualifies for qualifying care relief for a tax year

  2.  

    (b)     the individual's total qualifying care receipts for the tax year exceed the individual's limit for the tax year

  3.  

    (c)     the provisions described in E1.706 (the special rules for those who are trading and do not prepare accounts to 5 April) do not apply, and

  4.  

    (d)     an election by the individual has effect to apply the alternative method of calculating profits for the tax year1.

The effect of making

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