Income Tax (Trading and Other Income) Act 2005 section 187

Professions and vocations

Section 187 confirms that all the rules in this chapter apply equally to professions and vocations as they do to trades.

  • All provisions in this chapter that refer to trades also cover professions and vocations
  • This avoids the need to repeat references to professions and vocations throughout the chapter
  • A profession (e.g. accountancy, medicine, law) is treated the same as a trade for the purposes of these rules
  • A vocation (e.g. writing, journalism, artistic pursuits) is likewise covered by the same provisions

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