SCHEDULES

SCHEDULE 22 Prevention of exploitation of F1SCHEDULE 2 TO ITTOIA 2005 (SO FAR AS RELATING TO OVERLAP PROFIT)

Annotations:
Amendments (Textual)
F1

Words in Sch. 22 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 484(12) (with Sch. 2)

Part IV Interpretation

General

21

1

In this Schedule “turnover”, in relation to a trade, profession or vocation, means the amounts derived from the provision of goods or services falling within its ordinary activities, after deduction of trade discounts and value added tax.

2

Obtaining a tax advantage shall not be regarded as a bona fide commercial reason for the purposes of this Schedule.