SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 3Trading income
Profits or losses of a trade, profession or vocation previously chargeable in accordance with section 65(1) of ICTA
50
1
This paragraph applies if—
a
a person carries on a trade, profession or vocation wholly outside the United Kingdom, and
b
the trade, profession or vocation was chargeable to income tax in accordance with section 65(1) of ICTA (Case IV and V assessments: general) for a tax year before 2005-06.
2
If the trade, profession or vocation was so chargeable for the tax year 2004-05, the person is treated for the purpose of determining the basis period for the tax year 2005-06 and subsequent tax years as if the person started to carry on the trade, profession or vocation on 6th April 2005.
3
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .