Income Tax (Trading and Other Income) Act 2005 (c. 5)

SCHEDULES

SCHEDULE 2 U.K. Transitionals and savings etc.

Part 3 U.K. Trading income

Treatment of business start-up payments received in an overlap period U.K.

49 (1) There is an exception to the rule that, subject to Part 8, the charge to tax under Chapter 2 of Part 2 on the profits of a trade, profession or vocation of a tax year operates by reference to the profits of the basis period for the tax year (which may include a period falling before 6th April 2005). U.K.

(2) The exception is that section 207 does not apply to payments received before 6th April 2005.