SCHEDULES

SCHEDULE 1Consequential amendments

Part 1Income and Corporation Taxes Act 1988

311

(1)

Amend section 775 (sale by individual of income derived from his personal activities) as follows.

(2)

In subsection (2) omit the words from “, and which is” to the end.

(3)

After subsection (2) insert—

“(2A)

Any such earned income shall be charged to income tax on the individual and the tax so charged shall be charged on the full amount of the earned income treated as arising in the year of assessment.”