Income Tax (Trading and Other Income) Act 2005 section 107

Professions and vocations

Section 107 confirms that all the rules in this chapter apply equally to professions and vocations as they do to trades.

• The chapter's rules on calculating trading income apply to professions and vocations without distinction
• There is no need for each rule to separately state that it covers professions and vocations — this section provides blanket coverage
• This is a standalone provision introduced to avoid repetitive language throughout the chapter
• In practice, whether your income arises from a trade, a profession, or a vocation, the same computational rules apply