(1)Each of the following is a qualifying activity for the purposes of this Part—
(a)a trade,
(b)an ordinary Schedule A business,
(c)a furnished holiday lettings business,
(d)an overseas property business,
(e)a profession or vocation,
(f)a concern listed in section 55(2) of ICTA (mines, transport undertakings etc.),
(g)the management of an investment company,
(h)special leasing of plant or machinery, and
(i)an employment or office,
but to the extent only that the profits or gains from the activity are, or (if there were any) would be, chargeable to tax.
(2)Subsection (1) is subject to the following provisions of this Part.
(3)This section, in so far as it provides for—
(a)an ordinary Schedule A business,
(b)an overseas property business, or
(c)special leasing of plant or machinery,
to be a qualifying activity, needs to be read with section 35 (expenditure on plant or machinery for use in a dwelling-house not qualifying expenditure in certain cases).
(4)Also, subsection (1)(i) needs to be read with sections 36 (restriction on qualifying expenditure in case of employment or office) and 80 (vehicles provided for purposes of employment or office).