Miscellaneous aspects

Abstract

Miscellaneous profits not falling within any of the other cases of Schedule D are charged to income tax under Case VI. Such income includes:

• (1) Profits from furnished lettings (7.5) (generally assessed under Schedule A from 1995–96).

• (2) Income from underwriting (if not a business). However, Lloyd’s underwriting profits (15.9) are assessed under Schedule D Case I.

• (3) Income from guaranteeing loans.

• (4) Income from dealing in futures. However, this is now more likely to be subject to capital gains tax (20.31).

• (5) Certain capital sums received from the sale of UK patent rights.

• (6) Post-cessation receipts (11.28).

• (7) Certain ‘anti-avoidance’ assessments (15.10).

• (8) Enterprise allowance payments after 17 March 1986. Previously Case I or II applied. Case VI also applies to payments before 18 March which continue subsequently (11.4).

• (9) Profits on the disposal of certificates of deposit.

• (10) Gains on certain life policies held by companies (FA 1989 Sch 9).

• (11) The surplus from converting from the cash to the earnings basis from 1999–2000 (11.27).

The basis of assessment under Schedule D Case VI is the actual income arising in the tax year.