Corporation Tax Act 2009 section 35

Charge to tax on trade profits

Section 35 establishes that the profits of a trade are subject to the corporation tax charge on income.

• Corporation tax on income applies to the profits of a trade carried on by a company.
• The term "trade" is broadly defined and includes any trade, manufacture, adventure, or concern in the nature of trade.
• This broad definition means that even an isolated transaction can fall within the scope of the charge if it is in the nature of trade.
• The section no longer uses the older references to "profession or vocation" as separate categories; these are now treated as part of the general concept of trade.