Income Tax (Trading and Other Income) Act 2005 section 142A

Deferred income agreements which exist when deduction made

Section 142A dealt with the tax treatment of deferred income agreements that were in existence at the time a deduction was made, but this section was repealed with effect from 1 January 2007.

• Section 142A was introduced by Finance Act 2005, section 65(1), and addressed deferred income agreements in place when a relevant deduction was made.
• The section formed part of a group of provisions (sections 136–144) dealing with the taxation of certain income deferral arrangements.
• All of these provisions, including section 142A, were repealed by Finance Act 2006, section 178 and Schedule 26, Part 3(4).
• The repeal took effect from 1 January 2007, meaning these rules no longer apply to any periods from that date onwards.

---