Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 5: Miscellaneous income

Chapter 2: Receipts from intellectual property
Section 605: Exchanges

2347.This section provides an extended definition of sale to include exchange. It is based on section 532 of ICTA and section 572 of CAA.

2348.Section 532 of ICTA provides that section 524 of ICTA (dealing with the sale of patent rights) and section 531 of ICTA (dealing with the disposal of know-how) are to be treated as if they had been contained in CAA.