Part 2 U.K. Trading income

Chapter 18 U.K. Post-cessation receipts

Modifications etc. (not altering text)

C1 Pt. 2 Ch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 2(3)(a)

Reliefs U.K.

256 Treatment of post-cessation receipts U.K.

(1) This section applies if—

(a) an individual has permanently ceased to carry on a trade, and

(b) the income arising to the individual from the trade was F1 . . . relevant UK earnings within section 189(2)(b) of FA 2004.

(2) Any post-cessation receipts arising to the individual from the trade are similarly F1 . . . relevant UK earnings.

Textual Amendments

F1 Words in s. 256(1)(b)(2) repealed (6.4.2007 with effect as noted in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, 1034, Sch. 1 para. 506(2)(3), Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)