Income Tax (Trading and Other Income) Act 2005

Social Security Contributions and Benefits Act 1992 (c. 4) U.K.

419 U.K. The Social Security Contributions and Benefits Act 1992 is amended as follows.

420 (1) Amend section 15 (Class 4 contributions recoverable under the Income Tax Acts) as follows. U.K.

(2) In subsection (1)—

(a) for “annual profits or gains” substitute “ profits ”,

(b) omit the “and” at the end of paragraph (a),

(c) in paragraph (b) for “are profits or gains chargeable to income tax under Case I or Case II of Schedule D” substitute “ are profits chargeable to income tax under Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005 ”, and

(d) at the end of that paragraph insert “and

(c) are not profits of a trade, profession or vocation carried on wholly outside the United Kingdom.”

(3) In subsections (2), (3) and (3A) omit “or gains” in each place where they occur.

(4) Omit subsection (4).

421 U.K. In section 16(1) (application of Income Tax Acts and destination of Class 4 contributions) for “Case I or II of Schedule D” substitute “ Chapter 2 of Part 2 of the Income Tax (Trading and Other Income) Act 2005 in respect of the profits of a trade, profession or vocation which is not carried on wholly outside the United Kingdom ”.

422 (1) Amend Schedule 2 (levy of Class 4 contributions with income tax) as follows. U.K.

(2) In paragraph 1 after paragraph (a) insert—

“(ab) “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;”.

(3) In paragraph 2 for “profits or gains” to the end substitute “profits—

(a) which are the profits of any relevant trade, profession or vocation which is not carried on wholly outside the United Kingdom, and

(b) which are chargeable to income tax under Chapter 2 of Part 2 of ITTOIA 2005.”

(4) In paragraphs 3(1), (4) and (5) and 4 omit “or gains” in each place where they occur.

(5) In paragraph 5—

(a) in paragraph (a) omit “or gains”, and

(b) in paragraph (b)—

(i) for “section 59 of the 1988 Act” substitute “ section 8 of ITTOIA 2005 ”, and

(ii) omit “or gains”.

(6) In paragraph 7 omit “or gains”.