Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 3: Property income

Chapter 7: Adjustment income
Section 333: Treatment of adjustment income

1365.This section sets out the rules for the treatment of adjustment income. It is based on paragraphs 4(2) and 7 of Schedule 22 to FA 2002.

1366.Subsection (3) treats the income as property income for the purpose of loss relief. So any losses of the property business brought forward can be set against the income.