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Income Tax (Trading and Other Income) Act 2005

Paragraph 43: section 71 of ICTA

3381.This paragraph omits section 71 of ICTA and that section is repealed in Schedule 3 to this Act.

3382.Section 71 of ICTA applies to all the Cases of Schedule D when a preceding year basis of assessment applies. It provides that a person will remain chargeable in a year when no income from the relevant source arises. It is based on section 22 of FA 1928 which was enacted in response to the House of Lords decision in Whelan v Henning (1926), 10 TC 263 to the effect of “no income in year of assessment, no liability to tax”.

3383.There is no longer a preceding year basis of assessment for any Schedule D Case. So the provision is redundant.

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