Income Tax Act 2007 section 681CA

Professions and vocations

Section 681CA clarifies that references to a "trade" throughout this Chapter are to be read as also covering professions and vocations.

• Wherever this Chapter mentions a "trade", the term includes a profession or a vocation
• This ensures the sale and leaseback rules apply equally to professionals (e.g. solicitors, doctors) and those carrying on vocations, not just those carrying on a trade in the narrow sense
• The equivalent corporation tax legislation (CTA 2010) does not extend to professions or vocations for companies, so this broader scope is specific to income tax
• No additional conditions or thresholds apply — the extension to professions and vocations is automatic whenever this Chapter applies