[274AA Reduction for individuals: calculation]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[274AA  Reduction for individuals: calculation]

[(1)     This section applies if for a tax year an individual is entitled to relief under section 274A in respect of a relievable amount or in respect of each of two or more relievable amounts, and in the following subsections of this section “relievable amount” means that relievable amount or (as the case may be) any of those relievable amounts.

(2)     In respect of a relievable amount, the actual amount on which relief for the year is to be given is (subject to subsection (3)) the amount (“L”) that is the lower of—

(a)     the relievable amount, and

(b)     the total of—

(i)     the profits for income

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