Income Tax (Trading and Other Income) Act 2005

Finance Act 1998 (c. 39) U.K.

499 U.K. The Finance Act 1998 is amended as follows.

500 U.K. In section 42 (computation of profits of trade, profession or vocation)—

(a) omit subsection (4), and

(b) in subsection (5) for “Tax Acts” substitute “ Corporation Tax Acts ”.

501 U.K. Omit section 43 (barristers and advocates in early years of practice).

502 (1) Amend section 46 (minor and consequential provisions about computations) as follows. U.K.

(2) In subsection (1) for “Tax Acts” substitute “ Corporation Tax Acts ”.

(3) In subsection (2) for “any purpose of the Tax Acts” substitute “ corporation tax purposes ”.

503 U.K. In section 76(3) (power to make regulations for non-UK residents who have made investments under individual investment plans to be treated as UK resident for the purpose of tax credits) for “section 333 of the Taxes Act 1988” substitute “ Chapter 3 of Part 6 of the Income Tax (Trading and Other Income) Act 2005 ”.

504 U.K. In section 123(7)—

(a) for “both” substitute “ more ”,

(b) in paragraph (a) for the words from “(regulations” onwards substitute “ (investment plan regulations) ”, and

(c) at the end of paragraph (b) add “and

(c) Chapter 3 of Part 6 of the Income Tax (Trading and Other Income) Act 2005 (income from individual investment plans),”.