S5 Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), S35 Corporation Tax Act 2009 (CTA 2009)

The receipt must represent a profit of the trade

You should not assume that an incoming payment is a trade receipt solely because nothing would have been received had the trade not been carried on. The receipt must represent the profits of the trade under S5 ITTOIA 2005 for unincorporated businesses and S35 CTA 2009 for companies.

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