Part 2 Consequential Amendments
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 2 Consequential Amendments

ITTOIA 2005

2

ITTOIA 2005 is amended in accordance with paragraphs 3 to 11.

3

In section 1 (overview of Act), before paragraph (a) of subsection (5) insert—

“(za)     provision about a trading allowance and property allowance (see Part 6A),â€.

4

In Chapter 2 of Part 2 (trading income: income taxed as trade profits), after section 22 insert—

“Trading allowance

22A Trading allowance

(1)     The rules for calculating the profits of a trade, profession or vocation carried on by an individual are subject to Chapter 1 of Part 6A (trading allowance).

(2)     That Chapter gives relief on relevant income and, where relief is given, disallows most deductions under this Part (see, in particular, sections 783AC, 783AF and 783AI).â€

5

In Chapter 15 of Part 2 (basis periods), after section 204 insert—

“204A Overlap profit and trading allowance under Chapter 1 of Part 6A

(1)     This section makes provision about the amount of profit treated as arising in an overlap period which falls within the basis period of a trade for two tax years (“tax year A†and “tax year Bâ€) where relief is given under Chapter

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

What is electronic money?

What is electronic money?BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant

LEXISNEXIS

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note has been produced in partnership with Guy Pendell, Liz Williams and Kushal Gandhi of CMS.This Practice Note covers the situation where the UK

LEXISNEXIS

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and