Income Tax (Trading and Other Income) Act 2005 section 145

Professions and vocations

Section 145 confirms that the rules in this Chapter apply equally to professions and vocations as they do to trades.

• All provisions in this Chapter that apply to trades also apply to professions and vocations
• This removes the need to state separately each time that a rule covers professions and vocations
• The term "trade" used throughout the Chapter should be read as including professions and vocations
• This is a standalone clarifying provision introduced to simplify the drafting of the legislation