Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Schedule 2: Transitionals and savings etc.

Part 2: Changes in the law

3536.This paragraph allows anyone affected by a minor change in the law made by this Act to elect that the change does not apply to events occurring before 6 AprilĀ 2005. This allows the Act to be applied as soon as possible without imposing charges retrospectively.

3537.The Act applies for the purposes of income tax. But it makes numerous consequential amendments to corporation tax. So corporation tax is also provided for here.