Income Tax (Trading and Other Income) Act 2005 section 241

Professions and vocations

Section 241 confirms that the rules in this chapter apply equally to professions and vocations, not just to trades.

  • All provisions in this chapter that apply to trades also apply to professions and vocations
  • This avoids the need to repeat references to professions and vocations throughout the chapter
  • The term "trade" in the chapter should therefore be read as including professions and vocations
  • This is a clarifying provision introduced to simplify the drafting of the legislation

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