Basic definitions805Meaning of “foster-care receipts”
(1) For the purposes of this Chapter an individual has foster-care receipts for a tax year if—
(a) the receipts are in respect of the provision of foster care,
(b) they accrue to the individual during the income period for those receipts (see subsections (2) and (3)), and
(c) the receipts would otherwise be brought into account in calculating the profits of a trade or chargeable to income tax under Chapter 8 of Part 5 (income not otherwise charged).
(2) If the receipts would otherwise be brought into account in calculating the profits of a trade, the income period is the basis period for the tax year (see Chapter 15 of Part 2).
(3) Otherwise the income period is the tax year.
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Miscellaneous Income92Income Tax Allowances, Deductions & Reliefs95Company Law & Business Entities92Personal Taxes94Companies & Corporate Bodies92Income Tax92Trading Income94Tax Law92Administration & Collection of Income Tax96