Income Tax (Trading and Other Income) Act 2005 section 1

Overview of Act

Section 1 provides a high-level overview of the Income Tax (Trading and Other Income) Act 2005, summarising the income tax charges it imposes and the other matters it covers.

• The Act imposes income tax charges on four categories of income: trading income, property income, savings and investment income, and certain miscellaneous income.
• Exemptions from those charges are dealt with separately, though signposts to the most relevant exemptions appear alongside the charging provisions themselves.
• The Act also covers trading and property allowances, rent-a-room and qualifying care relief, special rules for foreign income and partnerships, and general calculation rules.
• Definitions and abbreviations used throughout the Act are set out in section 885 and Schedule 4.