Abstract
The profits from trades, professions and vocations were normally assessed for 2004–05 and previous years under Schedule D Case I (trades) and Schedule D Case II (professions and vocations). However, from 2005–06 onwards, with the introduction of ITTOIA (2.10), the income is no longer classified for income tax purposes into schedules, although the basic rules remain. (ITTOIA does not apply for corporation tax purposes.) There are certain special rules which apply to partnerships (Chapter 12) and companies (Chapter 13).
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Copyright information
© 2009 Fiscal Services Ltd
About this chapter
Cite this chapter
Sinclair, W., Lipkin, B. (2009). Income from Businesses and Professions. In: St. James’s Place Wealth Management Tax Guide 2009–2010. Palgrave Macmillan, London. https://doi.org/10.1057/9780230245129_11
Download citation
DOI: https://doi.org/10.1057/9780230245129_11
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-36464-0
Online ISBN: 978-0-230-24512-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)