Income Tax (Earnings and Pensions) Act 2003

16 U.K. The following are excluded activities—

(a) dealing in land, in commodities or futures or in shares, securities or other financial instruments;

(b) dealing in goods otherwise than in the course of an ordinary trade of wholesale or retail distribution (see also paragraph 17);

(c) banking, insurance, money-lending, debt-factoring, hire-purchase financing or other financial activities;

(d) leasing, including letting ships on charter or other assets on hire (see also paragraph 18);

(e) receiving royalties or licence fees (see also paragraph 19);

(f) providing legal or accountancy services;

(g) property development (see also paragraph 20);

(h) farming or market gardening;

(i) holding, managing or occupying woodlands, any other forestry activities or timber production;

(j) operating or managing hotels or comparable establishments, or managing property used as a hotel or comparable establishment (see also paragraph 21);

(k) operating or managing nursing homes or residential care homes, or managing property used as a nursing home or residential care home (see also paragraph 22);

(l) any activities which are excluded activities under paragraph 23.