Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 3: Property income

Chapter 3: Profits of property businesses: basic rules
Section 270: Income charged

1075.This section states the amount charged to tax. It is based on sections 21 and 65 of ICTA.

1076.The section refers simply to “profits” rather than “annual profits” used in the source legislation. Omitting “annual” is consistent with the approach adopted for trading and savings and investment income - the word adds nothing to the meaning of “profits”.