Income Tax (Trading and Other Income) Act 2005 section 240A

Professions and vocations

Section 240A confirms that the rules in Chapter 17A apply not only to trades but equally to professions and vocations.

  • Chapter 17A provisions extend beyond trades to cover professions and vocations
  • Professionals such as solicitors, accountants and doctors are subject to the same rules as traders
  • Vocations, including authors and artists, are likewise covered by these provisions
  • No distinction is made between trades, professions and vocations for the purposes of this chapter

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