s 783AI Partial relief: alternative calculation of trade profits
(1) This section applies if— (a) an individual qualifies for partial relief for a tax year, and (b) the individual's relevant income for the tax year consists of or includes receipts of one or more relevant trades. (2) The profits or losses for the tax year of each of the individual's relevant trades are given by taking the following steps— Step 1 Calculate the total of all the amounts which would, apart from this Chapter, be brought into account as a receipt in calculating the profits of the trade for the tax year. Step 2 Subtract the deductible amount. ... (3) Subject to section 783AK, the deductible amount is equal to the individual's trading allowance for the tax year. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .