File your first Self Assessment tax return
- 5 steps
UK Act of Parliament
2005
United Kingdom
Income Tax (Trading and Other Income) Act 2005
At a glance
Enforced by
What's here
17 compliance obligations, 22 practical guides across 6 topics · 30 journeys · 1 statutory instrument
Penalty landscape
2 of 17 obligations carry an unlimited fine. 15 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 9
- Trader 8
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Stop your sole trader business
- 3 steps
Self Assessment quick compliance check
- 2 steps
Open a shop
- 1 step
Set up a limited company
- 1 step
Transfer ownership of your business
- 1 step
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
2 guidesSupporting — topic alignment
16 guidesMentioned in related content
4 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 749 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 110 duties
- Licensing Act 2003 2003 105 duties
- Merchant Shipping Act 1995 1995 97 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 86 duties
Traders also bound by 219 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 952 duties
- TULRCA 1992 1992 39 duties
- Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 2013 39 duties
- Companies Act 2006 2006 39 duties
- The Customs (Import Duty) (EU Exit) Regulations 2018 2018 33 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Overview
Browse 1 other section in this Part — procedural / definitional / commencement
Overview of Act
Part 2 — Trading income
Excluded cases
Amended 3 timesChapter not to apply where cash basis used
Amended 6 timesMeaning of “original master version” and “certified master version”
Amended 3 timesExpenditure treated as revenue in nature
Amended 1 timeCertified master versions: production expenditure
Amended 6 timesCertified master versions: production expenditure on limited-budget films
Amended 9 times“Total production expenditure in respect of the original master version”
Amended 2 timesDeferred income agreements which exist when deduction made
Amended 1 timeDeferred income agreements entered into after deduction made
Amended 1 timeMeaning of the “net excess relief”
Amended 1 timeSections 142A to 142D: time of entry into an agreement
Amended 1 timeLessee under long funding finance lease: limit on deductions
- Limit tax deductions for long funding finance lease payments Any Person
Conversion etc. of securities held as circulating capital
Amended 2 timesLease premiums etc: reduction of receipts
Amended 1 timePayments by persons liable to pool betting duty
Unlimited fine Amended 1 time- Duct pool betting duty payments from trading income Any Person
Site preparation expenditure: supplementary
Amended 2 timesSite restoration payments
Amended 4 timesCosts of the building
- Calculate building costs for tax deduction purposes Trader
Valuation of trading stock on cessation
Amended 1 time- Value your trading stock when closing your business Any Person
Sale basis of valuation: sale to unconnected person
Amended 1 timeSale basis of valuation: sale to connected person
Amended 1 timeBasis of valuation of work in progress
Amended 2 timesRelief for unremittable amounts
- Claim tax relief for unremittable foreign trade income Trader
Disposal of know-how as part of disposal of all or part of a trade
Amended 2 timesApportionment etc. of profits to basis periods
Amended 2 timesCommercial reasons for change of accounting date
Amended 8 timesDeduction for overlap profit on change of accounting date
Amended 1 timeCircumstances in which claim for five-year averaging may be made
Amended 7 timesEffect of adjustment
Amended 2 timesMeaning of “oil extraction activities”
Amended 1 timeMeaning of “oil rights”
Amended 1 timeMeaning of “ring fence income”
Amended 1 timeOther definitions
Amended 1 timeValuation where excess of nominated proceeds
Amended 1 timeRelief for reimbursement expenditure under abandonment guarantees
Amended 1 timeReceipts arising from decommissioning
Amended 1 timeChapter not to apply where cash basis used
Amended 1 timeRight to make claim
Amended 1 timeBook value
Amended 1 timeEffect of claim for spreading profits
Amended 1 timeTime limits etc for spreading claim
Amended 1 time- Claim for spreading profits for tax purposes Trader
Interpretation
Amended 1 timeCash basis treatment: full relief under Chapter 1 of Part 6A (trading allowance)
Amended 3 timesChange from realisation basis to mark to market
Amended 2 timesSpreading on ending of exemption for barristers and advocates
Amended 1 timeExtent of charge to tax
Amended 2 timesBasic meaning of “post-cessation receipt”
Amended 5 timesOther rules about what counts as post-cessation receipts
Amended 1 timeMeaning of “statutory insolvency arrangement”
Amended 4 timesBrowse 117 other sections in this Part — procedural / definitional / commencement
Provisions which must be given priority over Part 2
Territorial scope of charge to tax
Apportionment etc of profits to tax year
Person liable
Commercial occupation of land other than woodlands
Commercial occupation of woodlands
Visiting performers
Visiting performers: supplementary
Divers and diving supervisors
Surplus business accommodation
Trading allowance
Meaning of “relevant benefit”
Meaning of “qualifying third party payment”
Other definitions
Double taxation
Professions and vocations
Election for profits to be calculated in accordance with GAAP
Receipts and expenses
Money's worth
Interest
Relevant maximum
Excluded persons
Effect of election under section 25A
Application of Chapter to the cash basis
Capital expenditure
Timing and amount of certain qualifying benefits
Business gifts: exceptions
Car ... hire
Car ... hire: supplementary
Hiring cars (but not motor cycles) with low carbon dioxide emissions
Connected persons: application of section 48
Patent royalties
Exclusion of double relief for interest
Expenditure on integral features
Professions and vocations
Application of Chapter to the cash basis
Incidental costs of obtaining finance
Tenants occupying land for purposes of trade treated as incurring expenses
Limit on deductions if tenant entitled to mineral extraction allowance
Corporation tax receipts under ICTA treated as taxed receipts
Payments for restrictive undertakings
Payroll deduction schemes: contributions to agents' expenses
Counselling and other outplacement services
Retraining courses: recovery of tax
Payments in respect of employment in more than one capacity
Payments made by the Government
Meaning of “local enterprise organisation”
Supplementary provisions with respect to approvals
Interpretation of section 86A
Expenses of research and development
Expenses connected with patents
Expenses connected with designs or trade marks
Allocation of expenses
Costs of setting up SAYE option scheme or CSOP scheme
Professions and vocations
Excluded vehicles
The appropriate mileage amount
Definitions of types of vehicle
Application of Chapter to the cash basis
Cash basis: value of trading stock on cessation of trade
Cash basis: value of work in progress on cessation of profession or vocation
Acquisition of trade: receipts from transferor's trade
Reverse premiums
Distribution of assets of mutual concerns
Amounts not reflecting commercial transactions
Professions and vocations
Receipt by donor or connected person of benefit attributable to certain gifts
Herd basis rules not to apply where cash basis used
Meaning of “animal”, “herd”, “production herd” etc.
Addition of animals to herd
Sale of whole or substantial part of herd
Acquisition of new herd begun within 5 years of sale
Herd basis elections
Five year gap in which no production herd kept
Certified master versions: preliminary expenditure
Professions and vocations
Credits or debits arising from revaluation
Lessor under long funding finance lease: exceptional items
Lessor under long funding operating lease: periodic deduction
“Starting value”: general
“Starting value” where plant or machinery originally unqualifying
Long funding operating lease: lessor's additional expenditure
Determination of remaining residual value resulting from lessor's further additional expenditure
Lessor under long funding operating lease: termination of lease
Lessee under long funding operating lease
Regulations for determining market value of securities or strips
Special rules for partnerships
Cemeteries and crematoria: interests in land
Chapter not to apply where cash basis used
Trading stock appropriated by trader
Trading stock supplied by trader
Acquisitions not made in the course of trade
Allowable deductions: niches
Meaning of “trading stock”
Meaning of “sale” and related expressions
Valuation of work in progress on cessation
Election for valuation at cost
Chapter not to apply where cash basis used
Restrictions on relief
Professions and vocations
First tax year
Meaning of “overlap period” and “overlap profit”
Deduction for overlap profit in final tax year
Restriction on bringing losses into account twice
Rule if there is an accounting date
Treating middle date as accounting date
Consequence of treating middle date as accounting date
Circumstances in which middle date not treated as accounting date
When a change of accounting date occurs
Professions and vocations
Unrelieved qualifying expenditure: Parts 2, 7 and 8 of CAA 2001
Unrelieved qualifying expenditure: Part 5 of CAA 2001
Effect of election where predecessor and successor are connected persons
Income charged
Lump sums paid to personal representatives for copyright etc.
Further rules about allowable deductions
Election to carry back
Part 3 — Property income
Restricting deductions for finance costs related to residential property
Amended 15 timesReduction for individuals: calculation
Amended 11 timesReduction for accumulated or discretionary trust income: entitlement
Amended 11 timesReduction for accumulated or discretionary trust income: calculation
Amended 11 timesRule if there is a late accounting date
Amended 2 timesSums payable instead of rent
Amended 1 timeMeaning of “unused amount” and “unreduced amount”
Amended 7 timesLimit on reductions and deductions
Amended 2 times- Limit tax deductions for premises expenses and lease reductions Trader
Taking account of deductions for rent as a result of section 37(4) or 87(2) of ICTA
Amended 3 timesClaim for repayment of tax payable by virtue of section 284
Amended 1 timeClaim for repayment of tax payable by virtue of section 285
Amended 1 timeAppeals against proposed determinations
Amended 1 timeDetermination by tribunal
Amended 1 timeFurnished lettings
Amended 1 times.308B
Amended 1 timeDeduction for expenditure on energy-saving items
Amended 2 timesRestrictions on relief
Amended 2 timesRegulations
Amended 1 timeIntroduction
Amended 13 timesMeaning of “qualifying holiday accommodation”
Amended 2 timesUnder-used holiday accommodation: averaging elections
Amended 3 timesUnder-used holiday accommodation: letting condition not met
Amended 3 timesRelevant UK earnings for pension purposes: overseas property business
Amended 2 timesPower of Commissioners to determine what counts as “mineral royalties”
Amended 1 timeIncome charged
Amended 2 timesOther rules about what counts as a “post-cessation receipt”
Amended 3 timesBrowse 25 other sections in this Part — procedural / definitional / commencement
Overseas property business
Charge to tax on profits of a property business
Basis of calculation of profits: GAAP required
Calculation of profits in accordance with GAAP
Lease premiums
Amount treated as lease premium where work required
Assignments for profit of lease granted at undervalue
Provisions supplementary to section 282
Sales with right to reconveyance
The additional calculation rule: special cases
Deductions for expenses under section 292
Tenants under taxed leases treated as incurring expenses
Cash basis: application of Chapter
Cash basis: capital expenditure
Transfer of interest in premises
Person liable
Assets not fully paid for
Meaning of “rent receivable in connection with a UK section 12(4) concern”
Extended meaning of “mineral royalties” etc. in Northern Ireland
Extent of charge to tax
Person liable
Charge to tax on post-cessation receipts
Transfer of rights if transferee does not carry on UK property business
Income charged
Meaning of “lease” and “premises”
Part 4 — Savings and investment income
Priority between Chapters within Part 4
Amended 3 timesTerritorial scope of Part 4 charges
Amended 1 timeOpen-ended investment company interest distributions
Amended 3 timesInterpretation of sections 373 and 374
Amended 1 timeAuthorised unit trust interest distributions
Amended 3 timesAvoidance of double taxation
Amended 1 timeException for returns from certain shares
Amended 1 timeContents of Chapter
Amended 5 timesInterpretation of sections 386 and 387
Amended 1 timeAuthorised unit trust dividend distributions
Amended 1 timeLater charge where cash dividends retained in SIPs are paid over
Amended 1 timeDistribution when dividend shares cease to be subject to SIP
Amended 4 timesReduction in tax due in cases within section 394
Amended 3 timesArrangements offering a choice of capital or income return
Amended 2 timesDistributions in a winding up
Amended 2 timesTax credits for qualifying distributions of UK resident companies : UK residents and eligible non-UK residents
Amended 11 timesTax credit under section 397A: conditions
Amended 11 timesTax credits under section 397A: manufactured overseas dividends
Amended 11 timesIncrease in amount or value of dividends where tax credit available
Amended 3 timesPower to obtain information
Amended 3 timesTemporary non-residents
Amended 3 timesLater charge where cash dividends retained in SIPs are paid over
Amended 2 timesDividend payment when dividend shares cease to be subject to SIP
Amended 4 timesWhen stock dividend income arises
Amended 6 timesConversion etc of bonus share capital
Amended 6 timesTemporary non-residents
Amended 1 timeIncome tax treated as paid
Amended 3 timesInterpretation of Chapter
Amended 3 timesIncome charged
Amended 2 timesPerson liable
Amended 3 timesLoans and advances to persons who die
Amended 2 timesMeaning of “deeply discounted security”
Amended 2 timesTiming of transfers and acquisitions
Amended 1 timeMarket value disposals
Amended 1 timeMarket value acquisitions
Amended 1 timeStrips of government securities: relief for losses
Amended 1 timeMarket value of strips etc.
Amended 1 timeTransfer of assets abroad
Amended 3 timesPerson liable: personal representatives
Amended 4 timesPerson liable: UK resident trustees
Amended 7 timesConnected policies or contracts treated as single policy or contract
Amended 3 timesSpecial rules: foreign policies
Amended 8 timesExclusion of maturity of capital redemption policies in certain circumstances
Amended 1 timeDisregard of certain assignments
Amended 1 timeModification of section 494: qualifying endowment policies held as security for company debts
Amended 1 timePart surrenders: loans
Amended 3 timesChargeable events where transaction-related calculations show gains
Amended 1 timeReduction in amount charged on basis of non-UK residence where individual liable for tax
Amended 9 timesIncome tax treated as paid etc.
Amended 5 timesRecovery of tax from trustees
- Recover excess tax from trustees or repay over-recovered amounts Trader
Effect of rebated or reinvested commission in certain cases
Amended 1 timeMinor definitions
Amended 2 timesLosses
Amended 1 timeSpecial rule for certain income of trustees
Amended 2 timesCharge to tax under Chapter 13
Amended 1 timeBrowse 41 other sections in this Part — procedural / definitional / commencement
Provisions which must be given priority over Part 4
Income charged
Person liable
Charge to tax on dividends and other distributions
Distributions in a winding up
Charge to tax on stock dividend income
Charge to tax on purchased life annuity payments
Income charged
Securities issued in separate tranches: preliminary
Securities issued in separate tranches: basic rule
Strips of government securities: acquisitions and disposals
Power to modify this Chapter for strips
Meaning of “interest-bearing corporate security” in Chapter 8
Application of sections 454 to 456
Restricted relief qualifying policies: assignments and events following assignments etc
Transitional protection for policies issued in respect of insurances made on or after 21 March 2012 but before 6 April 2013
Interests in rights under a policy or contract for section 469
Determination of shares etc.
Special rules: qualifying policies
Special rules: certain older policies and contracts
Conditions applicable to alterations of life insurance policy terms
The total allowable deductions for a policy or contract
Requirement for periodic calculations in part surrender or assignment cases
Events treated as part surrenders
Assignments occurring when there is a co-ownership transaction
Method for making periodic calculations under section 498
Recalculating gains under section 507
Method for making transaction-related calculations under section 510
Available premium left for relevant transaction
Special rules for part surrenders and assignments in final insurance year
Requirement for annual calculations in relation to personal portfolio bonds 9
Meaning of “personal portfolio bond”
The property selection conditions
Power to make regulations about personal portfolio bonds
Replacement of qualifying policies
Issue time of qualifying policy replacing foreign policy
The return from one or more disposals
Interpretation of section 564
Meaning of “foreign holdings” etc.
Income charged
Person liable
Part 5 — Miscellaneous income
Priority between Chapters within Part 5
Amended 3 timesDeduction of tax from payments to non-UK residents
Amended 2 timesAdjustments where tax has been deducted
- Claim tax repayments for adjustments on patent sales Trader
Payments received after deduction of tax
Amended 2 timesApplication of trading income rules to non-trade businesses
Amended 1 timePerson liable
- Pay income tax on business or miscellaneous income Any Person
Payments received after deduction of tax
Amended 2 timesIncome treated as highest part of settlor's total income
Amended 10 timesPerson liable
Amended 2 times- Pay income tax on settlement income as the settlor Any Person
Exception for gifts to charities
Amended 11 timesSection 628A: tainting
Amended 11 timesIncome paid to relevant children of settlor
Amended 8 timesException for protected foreign-source income
Amended 1 timeRetained and accumulated income
Amended 5 timesMeaning of “capital sum” and “sums paid to settlor”
Amended 1 timeCalculation of undistributed income
Amended 15 timesInterpretation of sections 641 and 642
Amended 1 timeReduction in section 643A income: previous capital gains tax charge
Amended 1 timeReimbursement of tax paid by settlor because of section 643B(2)
Amended 1 timeIncome attributed by section 643A to user of remittance basis
Amended 1 timeMeaning of close member of settlor's family in sections 643A to 643EA
Amended 1 timeRecipients of onward gifts
Amended 1 timeCases where settlor liable following onward gift
Amended 1 timeProperty or income originating from settlor
Amended 4 timesPower to obtain information
Amended 4 timesIncome arising under a settlement
Amended 5 timesCharge to tax on estate income
Amended 2 times- Pay income tax on income received from a deceased person's estate Any Person
Meaning of “UK estate” and “foreign estate”
Amended 3 timesThe aggregate income of the estate
Amended 1 timeReduction in residuary income: inheritance tax on accrued income
Amended 16 timesApplicable rate for determining assumed income entitlement (UK estates)
Amended 2 timesIncome from which sums within section 668(1)(b) are treated as paid
Amended 6 timesIncome treated as bearing income tax
Amended 12 timesIncome treated as savings income
Amended 12 timesStatements relating to estate income
Amended 1 time- Provide a written statement of estate income and tax upon request Any Person
Income charged
Amended 4 times- Pay income tax on miscellaneous trading and other income Any Person
Browse 32 other sections in this Part — procedural / definitional / commencement
Person liable for tax under section 579
Deductions in calculating certain income charged under section 579
Income charged under section 583
Non-UK resident sellers: election for spreading
Death of seller
Winding up of a body corporate
Licences connected with patents
Rights to acquire future patent rights
Sums paid for Crown use etc. treated as paid under licence
Exchanges
Charge to tax on UK-derived amounts
Person liable for tax under section 608A
Meaning of “full treaty territory”
Section 608F: disregard for third party sales where intangible property makes insignificant contribution
Application of Chapter to certain partnerships
Exemption where company resident in specified territory
Section 608L: the local tax amount
Exemption for certain bodies corporate that are transparent in full treaty territory
Payment notice: appeals
Meaning of direct or indirect participation in management, control or capital
Anti-avoidance
Interaction with other general provisions
Capital sums paid by way of loan or repayment of loan
Exception for certain loans or repayments of loans
Application to settlements by two or more settlors
Estate income: absolute interests in residue
Meaning of “the administration period” and “the final tax year”
Basic amount of estate income: discretionary interests
Assumed income entitlement
The residuary income of the estate
Shares of residuary income of estate
Successive interests: holders of limited interests
Part 6 — Exempt income
Income from individual investment plans
Amended 1 timeDeceased investors
Amended 1 timeSpecial requirements for certain foreign managers
Amended 2 timesRequirements for discharge of foreign institution's duties
Amended 2 timesMeaning of “certified SAYE savings arrangement”
Amended 2 timesWithdrawal and variation of certifications and connected requirements
Amended 7 timesInterest from FOTRA securities held on trust
Amended 3 timesExemption for part of purchased life annuity payments
Amended 1 timePeriodical payments of personal injury damages
Amended 4 timesPersons entitled to exemptions for personal injury payments etc.
Amended 4 timesMeaning of “the insured”
Amended 1 timePayments to adopters , etc : England and Wales
Amended 11 timesPayments by persons liable to pool betting duty
Unlimited fine Amended 1 time- Exclude pool betting duty payments from taxable trading income Any Person
Interest and royalty payments: introduction
Amended 4 timesInterest payments: exemption notices
Amended 1 timeAnti-avoidance
Amended 1 timePower to amend references to the Directive by order
Amended 2 timesAmounts applied by SIP trustees acquiring dividend shares or retained for reinvestment
Amended 3 timesPayments under Jobs Growth Wales Plus
Amended 2 timesBrowse 26 other sections in this Part — procedural / definitional / commencement
Income from Ulster Savings Certificates
Plan managers
Treatment of shares where annual acquisition limit exceeded
Identification of shares after disposals
Identification of shares after reorganisations etc.
Introduction: securities free of tax to residents abroad (“ FOTRA securities ”)
Extent of exemption under section 717
Exempt proportion: term dependent solely on duration of life
Exempt sum: term dependent solely on duration of life
Consideration for the grant of annuities
Annual payments under immediate needs annuities
Certain annual payments by individuals
Commercial payments
Risk of significant loss
Conditions to be met where policies are linked
Aggregation of policies where employment ends for health reasons
Power to amend sections 744 to 746
Interest on unpaid relevant contributions
Meaning of “25% associates”
Housing grants
Further provisions about Orders under section 771
Income from Inter-American Development Bank securities
Income towards reducing the national debt
Incentives to use electronic communications
Domestic microgeneration
Volunteers etc : compensation for lost employment income
Part 6A — Income charged under this Act: trading and property allowances
“Relevant trade” of an individual
Amended 1 timeThe individual's “relevant income”
Amended 1 timePartial relief: alternative calculation of profits: introduction
Amended 1 timeDeductible amount: splitting of trading allowance
Amended 1 time- Decide how to split your tax-free trading allowance across multiple incomes Trader
Exclusion from relief: payments by employer
Amended 1 timeRelief under this Chapter
Amended 1 time“Relevant property business” of an individual
Amended 1 timePartial relief: alternative calculation of property profits: introduction
Amended 1 timePartial relief: alternative calculation of property profits
Amended 1 timeDeductible amount: splitting of property allowance
Amended 1 time- Allocate your property allowance across multiple property businesses Trader
Election for full relief not to be given
Amended 1 timeExclusion from relief: expenses deducted against rent-a-room receipts
Amended 1 timeExclusion from relief: payments by firm
Amended 1 timeInterpretation of this Chapter
Amended 1 timePart 7 — Income charged under this Act: rent-a-room and qualifying care relief
Meaning of providing qualifying care
Amended 7 timesMeaning of providing foster care
Amended 11 timesMeaning of “residence”
Amended 11 timesAlternative calculation of profits: trading income
Amended 2 timesElection for alternative methodof calculating profits
Amended 2 timesPeriods of account not ending on 5th April
Amended 5 timesMeaning of “relevant limit”
Amended 3 timesAlternative method of calculating profits
Amended 2 timesCapital allowances: introduction
Amended 4 timesPlant or machinery used for other qualifying activities
Amended 2 timesIndexation of the fixed amount and the amount per adult and child
Amended 2 timesBrowse 11 other sections in this Part — procedural / definitional / commencement
Overview of Chapter 1
Meaning of “residence”
Meaning of “total rent-a-room amount”
Exclusive receipts condition
Full rent-a-room relief: trading income
Full rent-a-room relief: property income
Alternative calculation of profits: introduction
Election not to apply full relief
Election for alternative methodof calculating profits
Time limit on adjustment of assessment
Minor definitions
Part 8 — Foreign income: special rules
Overview of Part 8
Amended 1 timeMeaning of “relevant foreign income”
Amended 11 timesClaims for relevant foreign income to be charged on the remittance basis
Amended 1 timeArrangements treated as repayment of UK-linked debts
Amended 1 timeBrowse 4 other sections in this Part — procedural / definitional / commencement
Income charged on withdrawal of relief after source ceases
Effect of claim, foreign employment election or foreign gain claim on losses
Effect of claim on relief for contributions to registered pension schemes
Disqualified income
Part 9 — Partnerships
General provisions
Amended 2 timesAllocation of firm's profits or losses between partners
Amended 2 timesLoss-making period in which some partners have profits
Amended 2 timesExcess profit allocation to non-individual partners
Amended 2 timesExcess profit allocation: cases involving individuals who are not partners
Amended 2 timesNotional trades: indirect partners
Amended 3 timesLimited liability partnerships: salaried members
Amended 5 timesAllocation of profit to the AIFM firm
Amended 5 timesVesting of remuneration represented by the allocated profit
Amended 5 timesThe AIFMD remuneration guidelines
Amended 5 timesBrowse 6 other sections in this Part — procedural / definitional / commencement
Overview of Part 9
Assessment of partnerships
Bare trusts
Notional business: indirect partners
Overlap profits from partners' notional businesses
Special provisions about farming and property income
Part 10 — General provisions
Business entertainment and gifts: non-trades and non-property businesses
Amended 2 timesApportionment etc. of miscellaneous profits to tax year
Amended 3 timesMeaning of “farming” and related expressions
Amended 1 timeMeaning of grossing up
Amended 1 timeCommencement and transitional provisions etc.
Amended 1 timeBrowse 3 other sections in this Part — procedural / definitional / commencement
Schedules
Browse 4 other Schedules — structural / supplementary
Transitionals and savings etc.
Repeals and revocations
Consequential amendments
Abbreviations and defined expressions
Other sections — not classified into a Part
These sections exist in the Act but the contents-of-Parts walker did not place them under a Part. Likely amendments or sections inserted out of the original Part structure.
...
Amended 2 timesOfficial guidance
Authoritative sources published by regulators or government explaining this legislation.
- Self-employed record keeping (opens in a new tab) Detailed Guidance
- Defer NI contributions (GOV.UK) (opens in a new tab) Detailed Guidance
- Pay voluntary Class 2 NI (GOV.UK) (opens in a new tab) Detailed Guidance
- Work out your rental income when you rent out a property (opens in a new tab) Detailed Guidance
- VAT penalties and interest (opens in a new tab) Detailed Guidance
- Making Tax Digital for VAT (opens in a new tab) Detailed Guidance
- Making Tax Digital for Income Tax guidance (opens in a new tab) Detailed Guidance
- Making Tax Digital for Income Tax - find compatible software (opens in a new tab) Detailed Guidance
- Correcting your tax return (opens in a new tab) Detailed Guidance
- Keeping your pay and tax records (opens in a new tab) Detailed Guidance
- ... and 31 more
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
HM Revenue & Customs
Tax collection, customs duties, national insurance, tax credits, and enforcement of the National Minimum Wage. Regulates all UK businesses for tax compliance …
Connected legislation
1 statutory instrument
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (1)
Explore more
Browse legislation
Find other UK business legislation with related guidance.
Regulators
Learn more about the bodies that enforce this legislation.