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Income Tax (Trading and Other Income) Act 2005

Section 851: Calculations etc. where firm has other income or losses

3169.This section sets out the rule for a firm’s non-trading income. It is based on section 111(7) of ICTA.

3170.Section 847(2)(a) of this Act applies to this section but section 847(2)(b) does not. So the reference to a “trade” in subsection (1)(a) of this section is to be read as including a profession but not a business.

3171.A trading firm may have income that does not arise from the trade or from a business. Such income is calculated and allocated to the partners in the same way as trading income, in accordance with sections 849 and 850. Each partner’s share is assessed using the basis period rules set out in section 854.

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