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Income Tax (Trading and Other Income) Act 2005
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7Income charged
This section has no associated Explanatory Notes
(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.
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