Income Tax (Trading and Other Income) Act 2005 section 196

Professions and vocations

Section 196 confirms that the basis period rules in this Chapter apply equally to professions and vocations as they do to trades.

• The basis period rules set out in this Chapter are not limited to trades alone
• Professions (such as accountancy, medicine or law) are subject to the same basis period provisions
• Vocations (such as writing or journalism) are also covered by these same rules
• There is no distinction in treatment between trades, professions and vocations for basis period purposes