Section 15 Qualifying activities
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(1) Each of the following is a qualifying activity for the purposes of this Part—
(a) a trade,
(b) an ordinary [property]1 business,
(c) a furnished holiday lettings business,
(d) an overseas property business,
(e) a profession or vocation,
(f) a concern listed in [section 12(4) of ITTOIA 2005 or]2 [section 39(4) of CTA 2009]3 (mines, transport undertakings etc.),
[(g) managing the investments of a company with investment business,]4
(h) special leasing of plant or machinery, and
(i) an employment or office,
but to the extent only that the profits or gains from the activity are, or (if there were any) would be, chargeable to tax.
Amendments
1 Substituted by Income Tax (Trading and Other Income) Act 2005 section 882(1) and Schedule 1 Part 1 para 526(2)(a) from 6 April 2005.
2 Inserted by Income Tax (Trading and Other Income) Act 2005 section 882(1) and Schedule 1 Part 1 para 526(2)(b) from 6 April 2005.
3 Substituted by Corporation Tax Act 2009 section 1322 and Schedule 1 para 476 from 1 April 2009.
4 Para (g) substituted by S.I. 2004/2310 Schedule para 52 with effect in relation to accounting periods beginning on or after 1 April 2004 subject to the provisions of Finance Act 2004 sections 43-44.
(2) Subsection (1) is subject to the following provisions of this Part.
(3) This section, in so far as it provides for —
(a) an ordinary [property]1 business,
(b) an overseas property business, or
(c) special leasing of plant or machinery,
to be a qualifying activity, needs to be read with section 35 (expenditure on plant or machinery for use in a dwelling-house not qualifying expenditure in certain cases).
Amendments
1 Substituted by Income Tax (Trading and Other Income) Act 2005 section 882(1) and Schedule 1 Part 1 para 526(3) from 6 April 2005.
(4) Also, subsection (1)(i) needs to be read with sections 36 (restriction on qualifying expenditure in case of employment or office) and 80 (vehicles provided for purposes of employment or office).
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