42.This Chapter:
explains what is taxed as profits of a trade;
identifies different types of trade;
treats certain activities which do not constitute a trade as the carrying on of a trade for tax purposes; and
treats certain receipts which are not trading receipts on first principles as receipts of a trade for tax purposes.
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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