Part III Income Tax, Corporation Tax and Capital Gains Tax

Chapter I Income Tax and Corporation Tax

Computation of profits of trade, profession or vocation

46 Minor and consequential provisions about computations.

F1(1)

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F2(2)

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(3)

In the provisions of the Tax Acts which refer to the subject of the charge under Case I or II of Schedule D as “profits or gains” or “profits and gains" of a trade, profession or vocation—

(a)

for “profits or gains" or “profits and gains", wherever occurring, substitute “ profits ”, and

(b)

for “arising or accruing", in reference to such profits or gains, substitute “ arising ”.

The provisions affected are listed in Schedule 7 to this Act.