S25(1) Income (Trading and Other Income) Act 2005 (ITTOIA 2005); S46(1) Corporation Tax Act 2009 (CTA 2009)

Income Tax is charged on the ‘profits of a trade’ and in S7 ITTOIA 2005 this is amplified by the direction to charge ‘the full amount of the profits of the tax year’. The guidance in the Taxes Acts on the way these profits should be calculated is not comprehensive and the methodology has emerged and been refined over many years through Court decisions. Many of the principles established by the Courts have subsequently been incorporated into the Statute.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.