Related Commentary  Related HMRC Manuals

7(1)  Tax is charged under this Chapter on the full amount of the profits of the tax year.

7(2)  For this purpose the profits of a tax year are the profits of the basis period for the tax year (including amounts treated as profits of the tax year under section 23E(1)).

7(3)  For the rules identifying the basis period for a tax year, see Chapter 15.

7(4)  This section is subject to Part 8 (foreign income: special rules).

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