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

Profits or losses of a trade, profession or vocation previously chargeable in accordance with section 65(1) of ICTA U.K.

50 (1) This paragraph applies if— U.K.

(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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 2 para. 50(3) repealed (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, 1034, Sch. 1 para. 588, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)