Income Tax (Trading and Other Income) Act 2005 section 347

Income charged

Section 347 establishes the basis on which income from this category is charged to tax.

  • Tax is charged on the full amount of profits arising in the tax year
  • There is no apportionment or reduction — the entire profit is taxable
  • The relevant period for measuring profits is the tax year (6 April to 5 April)
  • This rule is based on the former section 69 of the Income and Corporation Taxes Act 1988

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