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Income Tax (Trading and Other Income) Act 2005

Summary

5.The purpose of the Income Tax (Trading and Other Income) Act is to rewrite income tax legislation relating to trading, property and investment income so as to make it clearer and easier to use.

6.The Act does not generally change the underlying law when rewriting it. The only changes to the law which it does make are minor ones which are within the remit of the Tax Law Rewrite Project and the Parliamentary process for the Act.

7.In the main, such changes are intended to clarify existing provisions, make them consistent or bring the law into line with well established practice.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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