Part 2Trading income
Chapter 2Income taxed as trade profits
Starting and ceasing to trade
17Effect of becoming or ceasing to be a UK resident
1
This section applies if—
a
an individual carries on a trade wholly or partly outside the United Kingdom otherwise than in partnership, and
b
the individual becomes or ceases to be UK resident.
2
The individual is treated for income tax purposes—
a
as permanently ceasing to carry on the trade at the time of the change of residence, and
b
so far as the individual continues to carry on the trade, as starting to carry on a new trade immediately afterwards.
3
But subsection (2) does not prevent a loss made before the change of residence from being F1deducted under section 83 of ITA 2007 from profits arising after the change.
4
This section applies to professions and vocations as it applies to trades.
5
In the case of a trade carried on by a firm, see sections 852(6) and (7) and 854(5).