2005 c. 5
Income Tax (Trading and Other Income) Act 2005 (2005 c. 5)
An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.
Data synced
This instrument is too large to display on one page. It is divided into the parts below; open a part to read its sections, each of which links to its full text.
Part 1 — Overviews 1–s 2 · 2 sectionsPart 2 — Trading incomes 3–s 259 · 412 sectionsChapter 1 — Introductions 3–s 4 · 2 sectionsChapter 2 — Income taxed as trade profitss 5–s 23H · 37 sections
Charge to tax on trade profitss 5–s 8 · 10 sections
Trades and trade profitss 9–s 16C · 11 sections
Starting and ceasing to trades 17–s 18 · 2 sections
Trading income and property incomes 19–s 22 · 4 sections
Trading allowances 22A · 1 section
Rent-a-room and qualifying care reliefs 23 · 1 section
Trading income provided through third partiess 23A–s 23H · 8 sections
Chapter 3 — Trade profits: basic ruless 24–s 31 · 13 sectionsProfessions and vocationss 24 · 1 section
Basis of accountings 24A–s 26 · 6 sections
Rules relating to calculation of profitss 27–s 29 · 4 sections
Animals kept for trade purposess 30 · 1 section
Rules relating to deductionss 31 · 1 section
Chapter 3A — Trade profits: cash basiss 31A–s 31F · 6 sections...s 31A–s 31D · 4 sections
Calculation of profits on cash basiss 31E · 1 section
Overview of rest of Part 2s 31F · 1 section
Chapter 4 — Trade profits: rules restricting deductionss 32–s 55B · 31 sectionsIntroductions 32 · 1 section
Cash basis accountings 32A · 1 section
Capital expenditures 33–s 33A · 2 sections
Wholly and exclusively and losses ruless 34 · 1 section
Bad and doubtful debtss 35 · 1 section
Unpaid remunerations 36–s 37 · 2 sections
Employee benefit contributionss 38–s 44 · 7 sections
Business entertainment and giftss 45–s 47 · 3 sections
Car or motor cycle hires 48–s 50B · 5 sections
Patent royaltiess 51 · 1 section
Interest paymentss 51A–s 52 · 2 sections
Social security contributionss 53 · 1 section
Penalties , interest and VAT surcharges and interests 54 · 1 section
Crime-related paymentss 55 · 1 section
Integral featuress 55A · 1 section
Rental rebatess 55B · 1 section
Chapter 5 — Trade profits: rules allowing deductionss 56–s 94A · 46 sectionsIntroductions 56 · 1 section
Cash basis accountings 56A · 1 section
Pre-trading expensess 57 · 1 section
Subsistence expensess 57A · 1 section
...s 57B · 1 section
Incidental costs of obtaining finances 58–s 59 · 2 sections
Tenants under taxed leasess 60–s 67 · 8 sections
...s 68 · 1 section
Payments for restrictive undertakingss 69 · 1 section
Seconded employeess 70–s 71 · 2 sections
Contributions to agents' expensess 72 · 1 section
Counselling and retraining expensess 73–s 75 · 3 sections
Redundancy payments etc.s 76–s 80 · 6 sections
Personal security expensess 81 · 1 section
Contributions to local enterprise organisations or urban regeneration companiess 82–s 86 · 5 sections
Contributions to flood and coastal erosion risk management projectss 86A–s 86B · 2 sections
Scientific researchs 87–s 88 · 2 sections
Expenses connected with patents, designs and trade markss 89–s 90 · 2 sections
Export Credits Guarantee Departments 91 · 1 section
Expenses connected with foreign tradess 92–s 94 · 3 sections
SAYE option schemes, CSOP schemess 94A · 1 section
CHAPTER 5A — Trade profits: deductions allowable at a fixed rates 94B–s 94I · 8 sectionsIntroductions 94B–s 94C · 2 sections
Expenditure on vehicless 94D–s 94G · 4 sections
Use of home for business purposess 94H · 1 section
Premises used both as home and business premisess 94I · 1 section
Chapter 5 — Trade profits: rules allowing deductionss 94AA · 1 section
Limited liability partnerships: salaried memberss 94AA · 1 section
Chapter 6 — Trade profits: receiptss 95–s 106 · 17 sectionsIntroductions 95 · 1 section
Cash basis accountings 95A · 1 section
Capital receiptss 96–s 96B · 3 sections
Debts releaseds 97 · 1 section
Cash basis: value of stock and work in progress on cessations 97A–s 97B · 2 sections
Amounts received following earlier cessations 98 · 1 section
Reverse premiumss 99–s 103 · 5 sections
Assets of mutual concernss 104 · 1 section
Industrial development grantss 105 · 1 section
Proceeds of insurance etc.s 106 · 1 section
Chapter 6A — Trade profits: amounts not reflecting commercial transactionss 106A–s 106E · 5 sectionsChapter 7 — Trade profits: gifts to charities etc.s 107–s 110 · 4 sectionsChapter 8 — Trade profits: herd basis ruless 111–s 129 · 20 sectionsIntroductions 111–s 113 · 4 sections
The herd basis ruless 114–s 123 · 10 sections
Electionss 124–s 126 · 3 sections
Preventing abuse of the herd basis ruless 127 · 1 section
Supplementarys 128–s 129 · 2 sections
Chapter 9 — Trade profits: . . . sound recordingss 130–s 144 · 23 sectionsIntroductions 130–s 133 · 5 sections
Expenditure treated as revenue in natures 134 · 1 section
Rules for allocating expenditures 135 · 1 section
Certified master versions: special rules for allocating expenditures 136–s 138A · 4 sections
Certified master versions: limited-budget filmss 139–s 140 · 2 sections
Interpretation of sections 138 to 140s 140A–s 142 · 3 sections
Deferred income agreementss 142A–s 142E · 5 sections
Election for sections 134 to 140 not to applys 143 · 1 section
Supplementarys 144 · 1 section
Chapter 10 — Trade profits: certain telecommunication rightss 144A–s 148 · 5 sectionsChapter 10A — Leases of plant or machinery: special rules for long funding leasess 148A–s 148J · 10 sectionsLessors under long funding finance leasess 148A–s 148C · 3 sections
Lessors under long funding operating leasess 148D–s 148F · 3 sections
Lessees under long funding finance leasess 148G–s 148H · 2 sections
Lessees under long funding operating leasess 148I · 1 section
Interpretation of this Chapters 148J · 1 section
Chapter 11 — Trade profits: other specific tradess 148K · 1 sectionCash basis accountings 148K · 1 section
Chapter 10A — Leases of plant or machinery: special rules for long funding leasess 148DA–s 148ZA · 10 sections
Lessors under long funding operating leasess 148DA–s 148EB · 4 sections
Lessors under long funding finance or operating leases: avoidance etcs 148FA–s 148FD · 4 sections
Lessees under long funding finance leasess 148GA · 1 section
Application of Chapters 148ZA · 1 section
Chapter 11 — Trade profits: other specific tradess 149–s 172 · 27 sections
Dealers in securities etc.s 149–s 154A · 7 sections
Persons authorised for purposes of FISMA 2000s 155 · 1 section
Dealers in land etc.s 156–s 158 · 3 sections
Ministers of religions 159 · 1 section
Barristers and advocatess 160 · 1 section
Mineral exploration and accesss 161 · 1 section
Persons liable to pool betting dutys 162 · 1 section
Intermediaries treated as making employment paymentss 163–s 164 · 2 sections
Managed service companiess 164A · 1 section
Worker's services provided to public sector through intermediarys 164B · 1 section
Waste disposals 165–s 168 · 4 sections
Cemeteries and crematorias 169–s 172 · 4 sections
Chapter 11A — Trade profits: changes in trading stocks 172A–s 172AA · 7 sectionsIntroductions 172A · 1 section
Transfers of trading stock between trade and traders 172B–s 172C · 2 sections
Other disposals not made in the course of trades 172D–s 172E · 2 sections
Relationship with transfer pricing ruless 172F · 1 section
Introductions 172AA · 1 section
Chapter 11 — Trade profits: other specific tradess 172ZA–s 172ZE · 5 sections
Crematoria: niches, memorials and inscriptionss 172ZA–s 172ZE · 5 sections
Chapter 12 — Trade profits: valuation of stock and work in progress on cessation of trades 173–s 186 · 14 sectionsValuation of trading stocks 173–s 181 · 9 sections
Valuation of work in progresss 182–s 185 · 4 sections
Supplementarys 186 · 1 section
Chapter 13 — Deductions from profits: unremittable amountss 187–s 191 · 6 sectionsChapter 14 — Disposal and acquisition of know-hows 191A–s 195 · 5 sectionsChapter 15 — Basis periodss 196–s 220 · 26 sectionsIntroductions 196 · 1 section
Accounting dates 197 · 1 section
The normal ruless 198–s 202 · 5 sections
Apportionment of profitss 203 · 1 section
Overlap profits and lossess 204–s 207 · 5 sections
Rules where first accounting date shortly before end of tax years 208–s 210 · 3 sections
Slight variations in accounting dates 211–s 213 · 3 sections
Special rules if accounting date changess 214–s 220 · 7 sections
Chapter 16 — Averaging profits of farmers and creative artistss 221–s 225 · 7 sectionsChapter 16A — Oil activitiess 225A–s 225V · 22 sectionsBasic definitionss 225A–s 225E · 5 sections
Oil valuations 225F–s 225J · 5 sections
Regional development grantss 225K–s 225L · 2 sections
Tariff receipts etcs 225M · 1 section
Abandonment guaranteess 225N–s 225Q · 4 sections
Abandonment expenditures 225R–s 225T · 3 sections
Interest on repayment of APRTs 225U · 1 section
Receipts arising from decommissionings 225V · 1 section
CHAPTER 16ZA — COMPENSATION FOR COMPULSORY SLAUGHTER OF ANIMALSs 225ZA–s 225ZG · 7 sections
Chapter 16A — Oil activitiess 225ZH · 1 section
Application of Chapters 225ZH · 1 section
CHAPTER 16ZA — COMPENSATION FOR COMPULSORY SLAUGHTER OF ANIMALSs 225ZAA · 1 section
Chapter 17 — Adjustment incomes 226–s 240 · 20 sectionsIntroductions 226 · 1 section
Adjustment on change of basiss 227–s 231 · 8 sections
Treatment of adjustment income and adjustment expenses 232–s 233 · 2 sections
Expenses previously brought into accounts 234 · 1 section
Realising or writing off assetss 235 · 1 section
Mark to markets 236–s 237 · 2 sections
Spreading of adjustment income: barristers and advocatess 238–s 239 · 2 sections
Spreading of adjustment income on leaving cash basiss 239A–s 239B · 2 sections
Supplementarys 240 · 1 section
Chapter 17A — Cash basis: adjustments for capital allowancess 240A–s 240CA · 6 sectionsIntroductions 240A · 1 section
Adjustments on entering cash basiss 240B–s 240D · 3 sections
Successions where predecessor and successor are connected personss 240E · 1 section
Adjustments on entering cash basiss 240CA · 1 section
Chapter 18 — Post-cessation receiptss 241–s 257 · 17 sectionsIntroductions 241 · 1 section
Charge to tax on post-cessation receiptss 242–s 245 · 4 sections
Meaning of “post-cessation receipts”s 246–s 247 · 2 sections
Sums treated as post-cessation receiptss 248–s 251 · 4 sections
Sums that are not post-cessation receiptss 252–s 253 · 2 sections
Deductionss 254–s 255 · 2 sections
Reliefss 256–s 257 · 2 sections
Chapter 19 — Supplementarys 258–s 259 · 2 sectionsPart 3 — Property incomes 260–s 364 · 142 sectionsChapter 1 — Introductions 260–s 262 · 3 sectionsChapter 2 — Property businessess 263–s 267 · 5 sectionsIntroductions 263 · 1 section
Basic meaning of UK and overseas property businesss 264–s 265 · 2 sections
Generating income from lands 266–s 267 · 2 sections
Chapter 3 — Profits of property businesses: basic ruless 268–s 275C · 23 sectionsCharge to tax on profits of a property businesss 268–s 271 · 4 sections
Basis of calculation of profitss 271A–s 271D · 4 sections
Calculation of profits : application of trading income ruless 271E–s 272 · 2 sections
Calculation of profits: other general ruless 272A–s 272B · 2 sections
Calculation of profits : application of trading income ruless 272ZA · 1 section
Calculation of profits: other general ruless 273–s 274 · 2 sections
Tax reductions for non-deductible costs of a dwelling-related loans 274A–s 274AA · 4 sections
Apportionment of profitss 275–s 275C · 4 sections
Chapter 4 — Profits of property businesses: lease premiums etc.s 276–s 307 · 37 sectionsIntroductions 276–s 276A · 2 sections
Amounts treated as receipts: leasess 277–s 283 · 8 sections
Other amounts treated as receiptss 284–s 286 · 3 sections
Additional calculation rule for reducing certain receiptss 287–s 290 · 4 sections
Deductions in relation to certain receiptss 291–s 294 · 4 sections
Limit on effect of additional calculation rule and deductionss 295 · 1 section
Relationship with ICTAs 296–s 298 · 3 sections
Certain administrative provisionss 299–s 302 · 4 sections
Determinations affecting liability of more than one persons 302A–s 302C · 3 sections
Effective duration of leases 303–s 305 · 3 sections
Other interpretative provisionss 306–s 307 · 2 sections
Chapter 5 — Profits of property businesses: other rules about receipts and deductionss 307A–s 321 · 22 sectionsCash basis: application of Chapters 307A · 1 section
Property businesses using cash basiss 307B–s 307D · 3 sections
Property businesses that use, or have used, cash basiss 307E–s 307F · 2 sections
Property allowances 307G · 1 section
Furnished accommodation: receipts and deductionss 308 · 1 section
Furnished accommodation: rent-a-room reliefs 309 · 1 section
Treatment of receipts on acquisition of businesss 310 · 1 section
Reverse premiums as receiptss 311 · 1 section
Deduction for replacement of domestic itemss 311A · 1 section
Deductions for expenditure on energy-saving itemss 312–s 314 · 3 sections
Deductions for expenditure on sea wallss 315–s 318 · 4 sections
Mineral royaltiess 319 · 1 section
Apportionments on sale of lands 320 · 1 section
Mutual businesss 321 · 1 section
Chapter 6 — Commercial letting of furnished holiday accommodations 322–s 328B · 10 sectionsIntroductions 322 · 1 section
Definitions 323–s 326A · 5 sections
Separate profit calculationss 327–s 328B · 4 sections
Chapter 7 — Adjustment incomes 329–s 334A · 8 sectionsAdjustment on change of basiss 329–s 332 · 5 sections
Treatment of adjustment income and adjustment expenses 333–s 334 · 2 sections
Spreading of adjustment income on leaving cash basiss 334A · 1 section
CHAPTER 7A — Cash basis: adjustments for capital allowancess 334B–s 334E · 4 sectionsChapter 8 — Rent receivable in connection with a UK section 12(4) concerns 335–s 343 · 9 sectionsCharge to tax on rent receivable in connection with a UK section 12(4) concerns 335–s 338 · 4 sections
Management expenses of owner of mineral rightss 339 · 1 section
Mineral royaltiess 340–s 343 · 4 sections
Chapter 9 — Rent receivable for UK electric-line wayleavess 344–s 348 · 5 sectionsCharge to tax on rent receivable for UK electric-line wayleavess 344–s 348 · 5 sections
Chapter 10 — Post-cessation receiptss 349–s 356 · 8 sectionsCharge to tax on post-cessation receiptss 349–s 352 · 4 sections
Meaning of “post-cessation receipts”s 353–s 355 · 3 sections
Supplementarys 356 · 1 section
Chapter 11 — Overseas property incomes 357–s 360 · 4 sectionsChapter 12 — Supplementarys 361–s 364 · 4 sectionsPart 4 — Savings and investment incomes 365–s 490 · 169 sectionsChapter 1 — Introductions 365–s 368A · 5 sectionsChapter 2 — Interests 369–s 381 · 16 sectionsCharge to tax on interests 369–s 371 · 4 sections
Other income taxed as interests 372–s 381 · 12 sections
Chapter 2A — Disguised interests 381A–s 381E · 5 sectionsChapter 3 — Dividends etc. from UK resident companies and tax treated as paid in respect of certain distributionss 382–s 401ZA · 32 sectionsIntroductions 382 · 1 section
Charge to tax on dividends and other distributionss 383–s 385 · 3 sections
Purchase by company of exempt employee shareholder sharess 385A · 1 section
Amounts treated as dividendss 386–s 391 · 6 sections
Shares in Schedule 2 share incentive plans (“ SIPs ”)s 392–s 396 · 5 sections
Other amounts treated as distributionss 396A–s 396B · 2 sections
... Payment and deduction of taxs 397–s 401 · 10 sections
Employee-ownership trustss 401A–s 401B · 2 sections
Anti-avoidances 401C · 1 section
Employee-ownership trustss 401ZA · 1 section
Chapter 4 — Dividends from non-UK resident companiess 402–s 408A · 9 sectionsCharge to tax on dividends from non-UK resident companiess 402–s 404A · 4 sections
Shares in Schedule 2 share incentive plans (“ SIPs ”)s 405–s 408 · 4 sections
Anti-avoidances 408A · 1 section
Chapter 5 — Stock dividends from UK resident companiess 409–s 414A · 9 sectionsChapter 6 — Release of loan to participator in close companys 415–s 421A · 9 sectionsChapter 7 — Purchased life annuity paymentss 422–s 426 · 5 sectionsChapter 8 — Profits from deeply discounted securitiess 427–s 460 · 41 sectionsCharge to tax under Chapter 8s 427–s 429 · 3 sections
Deeply discounted securitiess 430–s 436 · 7 sections
Disposalss 437–s 438 · 2 sections
Calculating profitss 439–s 442 · 4 sections
Special rules for strips of government securitiess 443–s 452 · 10 sections
Special rules for corporate stripss 452A–s 452G · 7 sections
Special rules for listed securities held since 26th March 2003s 453–s 456 · 4 sections
Trusteess 457–s 458 · 2 sections
Miscellaneous and supplementarys 459–s 460 · 2 sections
Chapter 9 — Gains from contracts for life insurance etc.s 461–s 490 · 38 sectionsCharge to tax under Chapter 9s 461–s 463E · 8 sections
Person liable etc.s 464–s 472 · 11 sections
Policies and contracts to which Chapter 9 appliess 473–s 483 · 12 sections
When chargeable events occur: generals 484–s 490 · 7 sections
Part 3 — Property incomes 308A · 1 section
Chapter 5 — Profits of property businesses: other rules about receipts and deductionss 308A · 1 section
...s 308A · 1 section
Part 4 — Savings and investment incomes 491 · 1 section
Chapter 9 — Gains from contracts for life insurance etc.s 491 · 1 section
Calculating gains: generals 491 · 1 section
Part 3 — Property incomes 308B · 1 section
Chapter 5 — Profits of property businesses: other rules about receipts and deductionss 308B · 1 section
...s 308B · 1 section
Part 4 — Savings and investment incomes 492 · 1 section
Chapter 9 — Gains from contracts for life insurance etc.s 492 · 1 section
Calculating gains: generals 492 · 1 section
Part 3 — Property incomes 308C · 1 section
Chapter 5 — Profits of property businesses: other rules about receipts and deductionss 308C · 1 section
...s 308C · 1 section
Part 4 — Savings and investment incomes 493–s 573 · 82 sections
Chapter 9 — Gains from contracts for life insurance etc.s 493–s 546 · 59 sections
Calculating gains: generals 493–s 497 · 5 sections
Part surrenders and assignments: periodic calculations and excess eventss 498–s 509 · 13 sections
Transaction-related calculations and part surrender or assignment eventss 510–s 514 · 6 sections
Personal portfolio bondss 515–s 526 · 12 sections
Reductions from gainss 527–s 529 · 4 sections
Income tax treated as paid and reliefss 530–s 538 · 9 sections
Deficienciess 539–s 541 · 3 sections
Rebated or reinvested commissions 541A–s 541B · 2 sections
Supplementarys 542–s 546 · 5 sections
Chapter 11 — Transactions in depositss 551–s 554 · 4 sections
Chapter 12 — Disposals of futures and options involving guaranteed returnss 555–s 569 · 15 sections
Charge to tax under Chapter 12s 555–s 558 · 4 sections
When disposals involve guaranteed returnss 559–s 561 · 3 sections
When disposals of futures and options occurs 562–s 566 · 5 sections
Lossess 567 · 1 section
Trusteess 568 · 1 section
Transfer of assets abroads 569 · 1 section
Chapter 13 — Sales of foreign dividend couponss 570–s 573 · 4 sections
Part 5 — Miscellaneous incomes 574–s 689A · 177 sectionsChapter 1 — Introductions 574–s 577A · 5 sectionsChapter 2 — Receipts from intellectual propertys 578–s 608 · 31 sectionsIntroductions 578 · 1 section
Charge to tax on non-trading income from intellectual propertys 579–s 582 · 4 sections
Disposals of know-hows 583–s 586 · 4 sections
Sales of patent rightss 587–s 599 · 13 sections
Relief from income tax on patent incomes 600–s 601 · 2 sections
Payments received after deduction of taxs 602 · 1 section
Supplementarys 603–s 608 · 6 sections
CHAPTER 2A — Offshore receipts in respect of intangible propertys 608A–s 608MC · 31 sectionsCharge to tax on offshore receipts in respect of intangible propertys 608A–s 608I · 9 sections
Exemptionss 608J–s 608N · 5 sections
Recovery of tax from person in same control groups 608O–s 608R · 4 sections
Meaning of “control group” and “related person”s 608S–s 608V · 4 sections
Generals 608W–s 608Y · 3 sections
Interpretation: generals 608Z · 1 section
Charge to tax on offshore receipts in respect of intangible propertys 608GA · 1 section
Exemptionss 608JA–s 608MC · 4 sections
Chapter 3 — Films and sound recordings: non-trade businessess 609–s 613 · 5 sectionsChapter 4 — Certain telecommunication rights: non-trading incomes 614–s 618 · 5 sectionsChapter 5 — Settlements: amounts treated as income of settlor or familys 619–s 648 · 53 sectionsCharge to tax under Chapter 5s 619–s 620 · 3 sections
Income charged and person liables 621–s 622 · 2 sections
Rules for calculating incomes 623 · 1 section
Income treated as income of settlor: retained interestss 624–s 628C · 8 sections
Income treated as income of settlor: relevant childrens 629–s 632 · 5 sections
Capital sums treated as income of settlor: trustees' paymentss 633–s 637 · 5 sections
Trustees' payments: further provisionss 638–s 640 · 3 sections
Capital sums treated as income of settlor: connected bodiess 641–s 643 · 3 sections
Transitional provision about protected foreign-source income and transitional trust incomes 643A–s 643ZB · 17 sections
Settlements by two or more settlorss 644–s 645 · 2 sections
Other supplementary provisionss 646–s 648 · 4 sections
Chapter 6 — Beneficiaries' income from estates in administrations 649–s 682A · 38 sectionsCharge to tax on estate incomes 649–s 651 · 3 sections
Types of estate incomes 652–s 655 · 4 sections
Income charged and person liables 656–s 659 · 4 sections
Basic amount of estate income: general calculation ruless 660–s 664 · 5 sections
Further provisions for calculating estate income relating to absolute interestss 665–s 670 · 6 sections
Special rules for successive interestss 671–s 676 · 6 sections
Relief where foreign estates have borne UK income taxs 677–s 678 · 2 sections
Generals 679–s 682A · 8 sections
Chapter 7 — Annual payments not otherwise chargeds 683–s 686 · 5 sectionsChapter 8 — Income not otherwise chargeds 687–s 689A · 4 sectionsPart 6 — Exempt incomes 690–s 783 · 104 sectionsChapter 1 — Introductions 690 · 1 sectionChapter 2 — National savings incomes 691–s 693 · 3 sectionsChapter 3 — Income from individual investment planss 694–s 701 · 10 sectionsChapter 4 — SAYE interests 702–s 708 · 7 sectionsChapter 5 — Venture capital trust dividendss 709–s 712 · 4 sectionsChapter 6 — Income from FOTRA securitiess 713–s 716 · 4 sectionsChapter 7 — Purchased life annuity paymentss 717–s 726 · 10 sectionsPartial exemption for purchased life annuity paymentss 717–s 724 · 8 sections
Immediate needs annuitiess 725–s 726 · 2 sections
Chapter 8 — Other annual paymentss 727–s 748 · 22 sectionsCertain annual payments by individualss 727–s 730 · 4 sections
Periodical payments of personal injury damages etc.s 731–s 734 · 4 sections
Health and employment insurance paymentss 735–s 743 · 9 sections
Payments to adopterss 744–s 747 · 4 sections
Payments by persons liable to pool betting dutys 748 · 1 section
Chapter 9 — Other incomes 749–s 782C · 42 sectionsInterest only incomes 749–s 756A · 11 sections
...s 757–s 767 · 11 sections
Income from commercial occupation of woodlandss 768 · 1 section
Housing grantss 769 · 1 section
Schedule 2 share incentive plan distributionss 770 · 1 sectionForeign income of consular officers and employeess 771–s 772 · 2 sections
Income of non-UK residents from certain securitiess 773–s 774 · 2 sections
Others 775–s 782C · 13 sections
Chapter 10 — Generals 783 · 1 sectionPART 6A — Income charged under this Act: trading and property allowancess 783A–s 783BQ · 37 sectionsCHAPTER 1 — Trading allowances 783A · 1 sectionIntroductions 783A · 1 section
CHAPTER 2 — Property allowances 783B · 1 sectionIntroductions 783B · 1 section
CHAPTER 1 — Trading allowances 783AA–s 783AR · 18 sections
Basic definitionss 783AA–s 783AD · 4 sections
Full reliefs 783AE–s 783AG · 3 sections
Partial reliefs 783AH–s 783AK · 4 sections
Electionss 783AL–s 783AM · 2 sections
Exclusions from reliefs 783AN–s 783AQ · 4 sections
Interpretations 783AR · 1 section
CHAPTER 2 — Property allowances 783BA–s 783BQ · 17 sections
Basic definitionss 783BA–s 783BD · 4 sections
Relief if relevant property income does not exceed property allowances 783BE–s 783BF · 2 sections
Relief if relevant property income exceeds property allowances 783BG–s 783BI · 3 sections
Electionss 783BJ–s 783BK · 2 sections
Exclusions from reliefs 783BL–s 783BP · 5 sections
Interpretations 783BQ · 1 section
Part 7 — Income charged under this Act: rent-a-room and qualifying care reliefs 784–s 789 · 6 sectionsChapter 1 — Rent-a-room reliefs 784–s 789 · 6 sectionsIntroductions 784–s 785 · 2 sections
Basic definitionss 786–s 788 · 3 sections
Individual's limits 789 · 1 section
Part 4 — Savings and investment incomes 547 · 1 section
Chapter 10 — Distributions from unauthorised unit trustss 547 · 1 section
Part 7 — Income charged under this Act: rent-a-room and qualifying care reliefs 790 · 1 section
Chapter 1 — Rent-a-room reliefs 790 · 1 section
Individual's limits 790 · 1 section
Part 4 — Savings and investment incomes 548 · 1 section
Chapter 10 — Distributions from unauthorised unit trustss 548 · 1 section
Part 7 — Income charged under this Act: rent-a-room and qualifying care reliefs 791 · 1 section
Chapter 1 — Rent-a-room reliefs 791 · 1 section
Relief if amount does not exceed limits 791 · 1 section
Part 4 — Savings and investment incomes 549 · 1 section
Chapter 10 — Distributions from unauthorised unit trustss 549 · 1 section
Part 7 — Income charged under this Act: rent-a-room and qualifying care reliefs 792 · 1 section
Chapter 1 — Rent-a-room reliefs 792 · 1 section
Relief if amount does not exceed limits 792 · 1 section
Part 4 — Savings and investment incomes 550 · 1 section
Chapter 10 — Distributions from unauthorised unit trustss 550 · 1 section
Part 7 — Income charged under this Act: rent-a-room and qualifying care reliefs 793–s 828A · 45 sections
Chapter 1 — Rent-a-room reliefs 793–s 802 · 10 sections
Relief if amount does not exceed limits 793–s 794 · 2 sections
Alternative calculation of profits if amount exceeds limits 795–s 798 · 4 sections
Electionss 799–s 801 · 3 sections
Interpretations 802 · 1 section
Chapter 2 — qualifying care reliefs 803–s 828A · 35 sections (1 directly here)
Introductions 803–s 804 · 2 sections
Basic definitionss 805–s 807 · 6 sections
Individual's limits 808–s 811 · 4 sections
Relief if amount does not exceed limits 812–s 814 · 3 sections
Alternative calculation of profits if amount exceeds limits 815–s 819 · 5 sections
Periods of account not ending on 5th Aprils 820–s 823 · 4 sections
Capital allowances for foster carers carrying on trades 824–s 827 · 8 sections
Overlap profits 828–s 828A · 2 sections
Part 8 — Foreign income: special ruless 829–s 845J · 30 sectionsChapter 1 — Introductions 829–s 830 · 2 sectionsChapter 2 — Relevant foreign income charged on remittance basiss 831–s 837 · 9 sectionsRemittance basiss 831–s 834 · 6 sections
Relief for delayed remittancess 835–s 837 · 3 sections
Chapter 3 — Relevant foreign income charged on arising basis: deductions and reliefss 838–s 840A · 4 sectionsChapter 4 — Unremittable incomes 841–s 845 · 5 sectionsChapter 5 — Relief for new residents on foreign incomes 845A–s 845J · 10 sectionsPart 9 — Partnershipss 846–s 863L · 38 sectionsIntroductions 846–s 848A · 4 sections
Calculation of partners' sharess 849–s 851 · 8 sections
Firms with trading incomes 852–s 853 · 3 sections
Firms with trading and other source incomes 854–s 856 · 4 sections
Firms with a foreign elements 857–s 858 · 2 sections
Miscellaneouss 859–s 863G · 12 sections
Alternative investment fund managerss 863H–s 863L · 5 sections
Part 10 — General provisionss 864–s 886 · 23 sectionsChapter 1 — Introductions 864 · 1 sectionChapter 2 — General calculation rules etc.s 865–s 872 · 8 sectionsUnpaid remunerations 865 · 1 section
Employee benefit contributionss 866 · 1 section
Business entertainment and giftss 867 · 1 section
Social security contributionss 868 · 1 section
Penalties , interest and VAT surcharges and interests 869 · 1 section
Crime-related paymentss 870 · 1 section
Apportionment of profitss 871 · 1 section
Calculation of lossess 872 · 1 section
Chapter 3 — Supplementary and general provisionss 873–s 886 · 14 sectionsOrders and regulationss 873 · 1 section
Interpretations 874–s 880 · 7 sections
General and finals 881–s 886 · 6 sections
SchedulesSch 1 para 1–Sch 2 para 161 · 819 sections
SCHEDULE 1 — Consequential amendmentsSch 1 para 1–Sch 1 para 659 · 657 sectionsPart 1 — Income and Corporation Taxes Act 1988Sch 1 para 1–Sch 1 para 352 · 350 sectionsPart 2 — Other enactmentsSch 1 para 353–Sch 1 para 659 · 307 sectionsFinance Act 1950 (c. 15)Sch 1 para 353–Sch 1 para 354 · 2 sections
Chevening Estate Act 1959 (c. 49)Sch 1 para 355–Sch 1 para 356 · 2 sections
Taxes Management Act 1970 (c. 9)Sch 1 para 357–Sch 1 para 384 · 28 sections
Finance Act 1971 (c. 68)Sch 1 para 385–Sch 1 para 386 · 2 sections
Finance Act 1973 (c. 51)Sch 1 para 387–Sch 1 para 388 · 2 sections
Biological Standards Act 1975 (c. 4)Sch 1 para 389–Sch 1 para 390 · 2 sections
Oil Taxation Act 1975 (c. 22)Sch 1 para 391–Sch 1 para 392 · 2 sections
Inheritance Tax Act 1984 (c. 51)Sch 1 para 393–Sch 1 para 396 · 4 sections
Films Act 1985 (c. 21)Sch 1 para 397–Sch 1 para 399 · 3 sections
Finance Act 1988 (c. 39)Sch 1 para 400–Sch 1 para 404 · 5 sections
Water Act 1989 (c. 15)Sch 1 para 405 · 1 section
Finance Act 1989 (c. 26)Sch 1 para 406–Sch 1 para 412 · 7 sections
Electricity Act 1989 (c. 29)Sch 1 para 413 · 1 section
Finance Act 1990 (c. 29)Sch 1 para 414–Sch 1 para 416 · 3 sections
Finance Act 1991 (c. 31)Sch 1 para 417–Sch 1 para 418 · 2 sections
Social Security Contributions and Benefits Act 1992 (c. 4)Sch 1 para 419–Sch 1 para 422 · 4 sections
Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7)Sch 1 para 423–Sch 1 para 425 · 3 sections
Taxation of Chargeable Gains Act 1992 (c. 12)Sch 1 para 426–Sch 1 para 451 · 26 sections
Finance (No. 2) Act 1992 (c. 48)Sch 1 para 452–Sch 1 para 461 · 10 sections
Finance Act 1993 (c. 34)Sch 1 para 462–Sch 1 para 466 · 5 sections
Pension Schemes Act 1993 (c. 48)Sch 1 para 467–Sch 1 para 468 · 2 sections
Pension Schemes (Northern Ireland) Act 1993 (c. 49)Sch 1 para 469–Sch 1 para 470 · 2 sections
Finance Act 1994 (c. 9)Sch 1 para 471–Sch 1 para 473 · 3 sections
Coal Industry Act 1994 (c. 21)Sch 1 para 474 · 1 section
Finance Act 1995 (c. 4)Sch 1 para 475–Sch 1 para 484 · 10 sections
Finance Act 1996 (c. 8)Sch 1 para 485–Sch 1 para 491 · 7 sections
Finance Act 1997 (c. 16)Sch 1 para 492–Sch 1 para 494 · 3 sections
Finance Act (No.2) 1997 (c. 58)Sch 1 para 495–Sch 1 para 498 · 4 sections
Finance Act 1998 (c. 39)Sch 1 para 499–Sch 1 para 504 · 6 sections
Finance Act 1999 (c. 16)Sch 1 para 505–Sch 1 para 509 · 5 sections
Commonwealth Development Corporation Act 1999 (c. 20)Sch 1 para 510 · 1 section
Finance Act 2000 (c. 17)Sch 1 para 511–Sch 1 para 523 · 13 sections
Capital Allowances Act 2001 (c. 2)Sch 1 para 524–Sch 1 para 574 · 51 sections
Finance Act 2002 (c. 23)Sch 1 para 575–Sch 1 para 580 · 6 sections
Proceeds of Crime Act 2002 (c. 29)Sch 1 para 581–Sch 1 para 583 · 3 sections
Income Tax (Earnings and Pensions) Act 2003 (c. 1)Sch 1 para 584–Sch 1 para 620 · 37 sections
Finance Act 2003 (c. 14)Sch 1 para 621–Sch 1 para 626 · 6 sections
Courts Act 2003 (c. 39)Sch 1 para 627 · 1 section
Child Trust Funds Act 2004 (c. 6)Sch 1 para 628 · 1 section
Finance Act 2004 (c. 12)Sch 1 para 629–Sch 1 para 656 · 28 sections
Pensions Act 2004 (c. 35)Sch 1 para 657–Sch 1 para 659 · 3 sections
SCHEDULE 2 — Transitionals and savings etc.Sch 2 para 1–Sch 2 para 161 · 162 sectionsPart 1 — General provisionsSch 2 para 1–Sch 2 para 10 · 10 sectionsContinuity of the law: generalSch 2 para 1–Sch 2 para 6 · 6 sections
General saving for old transitional provisions and savingsSch 2 para 7 · 1 section
General saving for section 9(5) of ICTASch 2 para 8 · 1 section
Partnerships involving companiesSch 2 para 9 · 1 section
InterpretationSch 2 para 10 · 1 section
Part 2 — Changes in the lawSch 2 para 11 · 1 sectionPart 3 — Trading incomeSch 2 para 12–Sch 2 para 61 · 50 sectionsUnpaid remunerationSch 2 para 12 · 1 section
Employee benefit contributionsSch 2 para 13–Sch 2 para 15 · 3 sections
...Sch 2 para 16–Sch 2 para 17 · 2 sections
Crime-related paymentsSch 2 para 18 · 1 section
Tenants under taxed leasesSch 2 para 19–Sch 2 para 20 · 2 sections
Seconded employeesSch 2 para 21 · 1 section
Training courses for employeesSch 2 para 22–Sch 2 para 23 · 2 sections
Contributions to urban regeneration companiesSch 2 para 24 · 1 section
Local enterprise agenciesSch 2 para 25 · 1 section
Expenses connected with patents, designs and trade marksSch 2 para 26 · 1 section
Payments to Export Credits Guarantee DepartmentSch 2 para 27 · 1 section
Reverse premiumsSch 2 para 28 · 1 section
Sums recovered under insurance policies etc.Sch 2 para 29 · 1 section
Meaning of “designated educational establishment”Sch 2 para 30 · 1 section
Films and sound recordingsSch 2 para 31–Sch 2 para 38 · 8 sections
Certain telecommunication rightsSch 2 para 39–Sch 2 para 40 · 2 sections
Dealers in securities etc: taxation of amounts taken to reservesSch 2 para 41 · 1 section
Purchase or sale of woodlandsSch 2 para 42 · 1 section
Ministers of religionSch 2 para 43 · 1 section
Waste disposalSch 2 para 44–Sch 2 para 46 · 3 sections
Valuation of trading stock on cessationSch 2 para 47 · 1 section
Apportionment of profits or losses to tax years before tax year 2005-06Sch 2 para 48 · 1 section
Treatment of business start-up payments received in an overlap periodSch 2 para 49 · 1 section
Profits or losses of a trade, profession or vocation previously chargeable in accordance with section 65(1) of ICTASch 2 para 50 · 1 section
Profits of mines, quarries and other concerns not chargeable by reference to a basis periodSch 2 para 51 · 1 section
Overlap profit: pre-April 1994 trades, professions and vocationsSch 2 para 52–Sch 2 para 54 · 3 sections
Averaging profits of farmers and creative artistsSch 2 para 55 · 1 section
Adjustment on change of basisSch 2 para 56–Sch 2 para 59 · 4 sections
Post-cessation receiptsSch 2 para 60–Sch 2 para 61 · 2 sections
Part 4 — Property incomeSch 2 para 62–Sch 2 para 77 · 16 sectionsApportionment of profits or losses to tax years before tax year 2005-06Sch 2 para 62 · 1 section
Lease premiumsSch 2 para 63 · 1 section
Lease premiums: sums payable instead of rentSch 2 para 64 · 1 section
Lease premiums: sums payable for surrender of leaseSch 2 para 65 · 1 section
Lease premiums: assignments for profit of lease granted at undervalueSch 2 para 66 · 1 section
Lease premiums: pre-commencement receipts treated as taxed receiptsSch 2 para 67 · 1 section
Lease premiums: taking account of reductions in pre-commencement receiptsSch 2 para 68 · 1 section
Lease premiums: taking account of deductions for rent as a result of section 37(4) or 87(2) of ICTASch 2 para 69 · 1 section
Lease premiums: rules for determining effective duration of leaseSch 2 para 70–Sch 2 para 71 · 2 sections
Reverse premiumsSch 2 para 72 · 1 section
Deductions for expenditure on energy-saving itemsSch 2 para 73 · 1 section
Commercial letting of furnished holiday accommodationSch 2 para 74–Sch 2 para 75 · 2 sections
Adjustment on change of basisSch 2 para 76 · 1 section
Meaning of “mineral royalties”Sch 2 para 77 · 1 section
Part 5 — Savings and investment income: generalSch 2 para 78–Sch 2 para 95 · 19 sectionsOpen-ended investment companies: saving for powers to make provision corresponding to provisions applicable to unit trustsSch 2 para 78 · 1 section
Stock dividends issued in respect of shares issued before 6 April 1975Sch 2 para 78A · 1 section
Deeply discounted securities issued in accordance with qualifying earn-out rightSch 2 para 79 · 1 section
Deeply discounted securities: deemed transfers of strips on 5th AprilSch 2 para 80 · 1 section
Deeply discounted securities: restriction of profits and losses on stripsSch 2 para 81 · 1 section
Deeply discounted securities: saving for charities' lossesSch 2 para 82 · 1 section
Deeply discounted securities: saving for pension trustees' lossesSch 2 para 83 · 1 section
Exclusion of deeply discounted securities from section 711 to 728 of ICTA (accrued income profits)Sch 2 para 84 · 1 section
Gains from contracts for life insurance etc: foreign policies of life insuranceSch 2 para 85 · 1 section
Gains from contracts for life insurance etc: exclusion of pension policiesSch 2 para 86 · 1 section
Gains from contracts for life insurance etc: rights partially assignedSch 2 para 87–Sch 2 para 88 · 2 sections
Gains from contracts for life insurance etc: regulations providing for relief where foreign tax chargeableSch 2 para 89 · 1 section
Gains from contracts for life insurance etc: pure protection group life policiesSch 2 para 90 · 1 section
Gains from contracts for life insurance etc: assessment of trustees etcSch 2 para 91 · 1 section
Transactions in depositsSch 2 para 92–Sch 2 para 93 · 2 sections
Disposals of futures and options involving guaranteed returns: certain pre-6th February 1998 transactionsSch 2 para 94 · 1 section
Disposals of futures and options involving guaranteed returns: rates of tax for pension trusteesSch 2 para 95 · 1 section
Part 6 — Savings and investment income: insurance contracts and policies made before certain datesSch 2 para 96–Sch 2 para 118 · 23 sectionsPre-20th March 1968 policies and contracts excluded from Chapter 9 of Part 4Sch 2 para 96 · 1 section
Pre-27th March 1974 policies and contracts: disapplication of section 500(c)Sch 2 para 97 · 1 section
Pre-27th March 1974 contracts: disapplication of section 531(3)(c)Sch 2 para 98 · 1 section
Pre-10th December 1974 contracts for a life annuity: disapplication of section 484(1)(d)Sch 2 para 99 · 1 section
Pre-14th March 1975 policies and contracts: calculation of gains under section 507Sch 2 para 100 · 1 section
Pre-25th March 1982 replacement policies: disapplication of section 542Sch 2 para 101 · 1 section
Certain pre-26th June 1982 policies and contracts excluded from Chapter 9 of Part 4Sch 2 para 102 · 1 section
Certain pre-18th November 1983 policies not foreign policies of life insuranceSch 2 para 103 · 1 section
Certain pre-23rd February 1984 policies not foreign capital redemption policiesSch 2 para 104 · 1 section
Pre-14th March 1984 policies: disregard of amounts deducted and repaid after tax relief by deduction from premiums abolishedSch 2 para 105 · 1 section
Certain pre-20th March 1985 policies: application of section 529(1)Sch 2 para 106 · 1 section
Pre-14th March 1989 qualifying policies: application of section 485(2)(b) and (3)(b)Sch 2 para 107 · 1 section
Pre-14th March 1989 policies and contracts: application of section 501Sch 2 para 108 · 1 section
Contracts in accounting periods beginning before 1st January 1992: disapplication of sections 530 and 539(3)Sch 2 para 109 · 1 section
Certain pre-17th March 1998 policies: application of section 529(1)Sch 2 para 110 · 1 section
Certain pre-17th March 1998 policies not foreign policies of life insuranceSch 2 para 111 · 1 section
Pre-17th March 1998 policy or contract: UK resident trusteesSch 2 para 112 · 1 section
Certain pre-23rd March 1999 policies not foreign capital redemption policiesSch 2 para 113 · 1 section
Pre-9th April 2003 policy or contract: UK resident trusteesSch 2 para 114 · 1 section
Pre-9th April 2003 policy or contract: loans to trusteesSch 2 para 115 · 1 section
Pre-9th April 2003 policy: excepted group life policiesSch 2 para 116 · 1 section
Pre-3rd March 2004 policy or contract: calculation of deficienciesSch 2 para 117 · 1 section
Pre-1st January 2005 contracts for immediate needs annuities: income tax treated as paidSch 2 para 118 · 1 section
Part 7 — Savings and investment income: gains from contracts for life insurance etc. (personal portfolio bonds)Sch 2 para 119–Sch 2 para 128 · 10 sectionsPre-17th March 1998 contract or policy: conditions to be met for contract or policy not to be a personal portfolio bondSch 2 para 119 · 1 section
The date conditionSch 2 para 120 · 1 section
The non-variation conditionSch 2 para 121 · 1 section
The first selection conditionSch 2 para 122 · 1 section
The second selection conditionSch 2 para 123 · 1 section
Policy holders becoming UK resident after 17th March 1998Sch 2 para 124 · 1 section
Policy holders becoming permanently UK resident after 17th March 1998Sch 2 para 125 · 1 section
Meaning of “permitted index”Sch 2 para 126 · 1 section
Meaning of “permitted property”Sch 2 para 127 · 1 section
Other definitionsSch 2 para 128 · 1 section
Part 8 — Miscellaneous incomeSch 2 para 129–Sch 2 para 137 · 9 sectionsIntellectual property: contributions to expenditure not made by public bodies nor eligible for tax reliefSch 2 para 129 · 1 section
Certain telecommunication rightsSch 2 para 130–Sch 2 para 131 · 2 sections
Income treated as income of settlor: exception for pension incomeSch 2 para 132 · 1 section
Amounts treated as income of settlor: income paid to unmarried minor children of settlorSch 2 para 133 · 1 section
Amounts treated as income of settlor: capital sums paid to settlor by trustees of settlementSch 2 para 134 · 1 section
Amounts treated as income of settlor: capital sums paid to settlor by body connected with settlementSch 2 para 135 · 1 section
Beneficiaries' income from estates in administration: basic amountsSch 2 para 136 · 1 section
Beneficiaries' income from estates in administration: income treated as bearing income taxSch 2 para 137 · 1 section
Part 9 — Exempt incomeSch 2 para 138–Sch 2 para 148 · 11 sectionsUlster savings certificatesSch 2 para 138 · 1 section
SAYE interestSch 2 para 139–Sch 2 para 141 · 3 sections
Venture capital trust dividends: shares acquired before the tax year 2004-05Sch 2 para 142 · 1 section
Purchased life annuity payments: old determinations concerning capital elementsSch 2 para 143 · 1 section
Purchased life annuity payments: carry forward of excess capital elementsSch 2 para 144 · 1 section
Purchased life annuity payments: penalty for false statementsSch 2 para 145 · 1 section
Certain annual payments by individualsSch 2 para 146 · 1 section
Annual payments for non-taxable considerationSch 2 para 147 · 1 section
Periodical payments of personal injury damages etc.Sch 2 para 148 · 1 section
Part 10 — Foster-care reliefSch 2 para 149 · 1 sectionPart 11 — Foreign income: special rulesSch 2 para 150–Sch 2 para 153 · 4 sectionsRelevant foreign income charged on remittance basis: income arising before the tax year 2005-06Sch 2 para 150 · 1 section
Relevant foreign income charged on remittance basis: delayed remittancesSch 2 para 151 · 1 section
Relief for backdated pensions charged on arising basisSch 2 para 152 · 1 section
Unremittable income that arose before the tax year 2005-06Sch 2 para 153 · 1 section
Part 12 — Other provisionsSch 2 para 154–Sch 2 para 161 · 8 sectionsUnpaid remuneration: non-trades and non-property businessesSch 2 para 154 · 1 section
Employee benefit contributions: non-trades and non-property businessesSch 2 para 155–Sch 2 para 156 · 2 sections
Crime-related payments: non-trades and non-property businessesSch 2 para 157 · 1 section
Apportionment of miscellaneous profits or losses to tax years before tax year 2005-06Sch 2 para 158 · 1 section
General deduction rulesSch 2 para 159 · 1 section
Section 820 of ICTASch 2 para 160 · 1 section
Amendments of Part 4 of FA 2004 (pension schemes etc.)Sch 2 para 161 · 1 section
Cite this legislation
- Official citation
- 2005 c. 5
- Source
- legislation.gov.uk
- Data synced
- Licence
- OGL-3 ↗
Income Tax (Trading and Other Income) Act 2005 (legislation.gov.uk, OGL-3). Retrieved via LawPlayer, https://lawplayer.com/uk/act/ukpga-2005-5
This text is synced from legislation.gov.uk. In case of any discrepancy, the official version prevails.
Contains public sector information licensed under the Open Government Licence v3.0 (legislation.gov.uk).