Income Tax (Trading and Other Income) Act 2005

General and final

881 Disapplication of corporation tax: section 9 of ICTA

Section 9 of ICTA (computation of income for corporation tax purposes: application of income tax principles) does not operate on the provisions of this Act so as to convert them into provisions of the Corporation Tax Acts.

882 Consequential amendments

(1) Schedule 1 (which contains consequential amendments) has effect.

(2) The Treasury may by order make such modifications of any enactment or provision made under an enactment as the Treasury consider appropriate in consequence of this Act.

(3) In subsection (2) “modifications” includes amendments or repeals.

(4) An order under subsection (2)—

(a) must not change the effect of the law as it was immediately before 6th April 2005, and

(b) may include such transitional or saving provision as the Treasury consider appropriate.

(5) Subsection (4)(a) does not apply so far as an order contains provision made in consequence of a change already made by this Act in the effect of the law.

883 Commencement and transitional provisions etc.

(1) This Act comes into force on 6th April 2005 and has effect—

(a) for income tax purposes, for the tax year 2005-06 and subsequent tax years, and

(b) for corporation tax purposes, for accounting periods ending after 5th April 2005.

(2) Subsection (1) is subject to subsections (3) to (5) (including Schedule 2).

(3) Subsection (1) does not apply to the following provisions of this Act (which therefore come into force on the passing of this Act)—

(a) section 873 (orders and regulations made by Treasury or Board),

(b) sections 875 to 881 (certain interpretation and general provisions),

(c) section 882(2) to (5) (power to make consequential amendments),

(d) this section other than subsection (4) below,

(e) section 885 and Schedule 4 (abbreviations and general index),

(f) section 886 (short title), and

(g) paragraphs 78 and 148(5) of Schedule 2 (powers relating to open-ended investment companies and periodical payments of personal injury damages etc.) and subsection (4) below so far as it applies for the purposes of those provisions.

(4) Schedule 2 (which contains transitional provisions and savings etc.) has effect.

(5) The Treasury may by order make such transitional or saving provision as the Treasury consider appropriate in connection with the coming into force of this Act.

884 Repeals and revocations

Schedule 3 (which contains repeals and revocations of enactments including certain spent enactments) has effect.

885 Abbreviations and general index in Schedule 4

(1) Schedule 4 (which contains abbreviations and defined expressions that apply for the purposes of this Act) has effect.

(2) Part 1 of that Schedule gives the meaning of the abbreviated references to Acts used in this Act.

(3) Part 2 of that Schedule lists the places where expressions used in this Act are defined or otherwise explained—

(a) in this Act for the purposes of this Act or for purposes including this Act,

(b) in this Act for the purposes of a Part or Chapter of this Act, or

(c) in ICTA or ITEPA 2003 for the purposes of this Act.

886 Short title

This Act may be cited as the Income Tax (Trading and Other Income) Act 2005.