Income Tax (Trading and Other Income) Act 2005

688 Income charged U.K.

(1) Tax is charged under this Chapter on the F1 ... amount of the income arising in the tax year.

(2) Subsection (1) is subject to—

(a) Chapter 1 of Part 7 (which provides relief on income from the use of furnished accommodation in an individual's only or main residence: see, in particular, sections 794 and 798),

(b) Chapter 2 of that Part (which provides relief on income from the provision by an individual of [F2 qualifying care]: see, in particular, sections 814 and 817), and

(c) Part 8 (foreign income: special rules).

Textual Amendments

F1 Word in s. 688(1) omitted (with effect in accordance with s. 34(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 12 para. 22

F2 Words in s. 688(2)(b) substituted (16.12.2010) (with effect in accordance with Sch. 1 para. 36 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 1 para. 33 (with Sch. 1 para. 37)

Modifications etc. (not altering text)

C1 Pt. 5 Ch. 8 applied in part (1.12.2009) (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 97(2)

C2 Pt. 5 Ch. 8 applied in part (1.12.2009) (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 96(3)(b)

C3 S. 688(1) excluded (1.12.2009) (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 18(3)