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Valid from 06/04/2005
Income tax is charged on the profits of a trade, profession or vocation.
(1)Profits of a trade arising to a UK resident are chargeable to tax under this Chapter wherever the trade is carried on.
(2)Profits of a trade arising to a non-UK resident are chargeable to tax under this Chapter only if they arise—
(a)from a trade carried on wholly in the United Kingdom, or
(b)in the case of a trade carried on partly in the United Kingdom and partly elsewhere, from the part of the trade carried on in the United Kingdom.
(3)This section applies to professions and vocations as it applies to trades.
(1)Tax is charged under this Chapter on the full amount of the profits of the tax year.
(2)For this purpose the profits of a tax year are the profits of the basis period for the tax year.
(3)For the rules identifying the basis period for a tax year, see Chapter 15.
(4)This section is subject to Part 8 (foreign income: special rules).
(5)And, for the purposes of section 830 (meaning of “relevant foreign income”), the profits of a trade, profession or vocation arise from a source outside the United Kingdom only if the trade, profession or vocation is carried on wholly outside the United Kingdom.
The person liable for any tax charged under this Chapter is the person receiving or entitled to the profits.