3182.This section introduces the concept of a “firm”. It is new. The corresponding rule for income tax is in section 847 of ITTOIA.
3183.The section drops the references in sections 111 and 114 of ICTA to professions. See Change 2 in Annex 1 and the commentary on section 35.
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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