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

Sections 142A to 142D: time of entry into an agreement

Section 142E established the rules for determining when a person was treated as having entered into an agreement for the purposes of the provisions in sections 142A to 142D, which dealt with the taxation of certain financial arrangements.

• This section provided supporting rules for sections 142A to 142D by clarifying the relevant timing of entry into an agreement
• The timing determination was important because sections 142A to 142D applied different tax treatments depending on when an agreement was entered into
• The section was introduced by Finance Act 2005, section 65(1)
• Section 142E, along with the wider group of sections 136 to 144, was repealed by Finance Act 2006 with effect from 1 January 2007