SCHEDULE 2 Levy of Class 4 Contributions With Income Tax
Social Security Contributions and Benefits Act 1992 (1992 c 4) | Legislation

SCHEDULE 2 Levy of Class 4 Contributions With Income Tax

Section 16(3)

Interpretation

1

In this Schedule—

(a)     “the Act of 1988†means the Income and Corporation Taxes Act 1988;

[(ab)     “ITTOIA 2005†means the Income Tax (Trading and Other Income) Act 2005;]

[(ac)     “ITA 2007†means the Income Tax Act 2007;]

(b)     . . .

(c)     “year†means year of assessment within the meaning of [the Income Tax Acts (see section 989 of ITA 2007)].

Method of computing profits or gains

2

Subject to the following paragraphs, Class 4 contributions shall be payable in respect of the full amount of all [profits—

(a)     which are the profits of any relevant trade, profession or vocation which is not carried on wholly outside the United Kingdom, and

(b)     which are chargeable to income tax under Chapter 2 of Part 2 of ITTOIA 2005].

Reliefs

3

(1)     For the purposes of computing the amount of profits . . . in respect of which Class 4 contributions are payable, relief shall be available under, and in the manner provided by, the following provisions of [ITA 2007]-

(a)     [sections 64 and 72] (set-off of trade losses against general income), but only

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Schemes of arrangement—procedure

Schemes of arrangement—procedureProduced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note looks at the detailed procedures to be followed to implement the acquisition by a buyer (offeror) of all the shares, or one or more classes of shares, in a company

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

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited

LEXISNEXIS

Forming enforceable contracts—consideration

Forming enforceable contracts—considerationThis Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in