Income Tax (Trading and Other Income) Act 2005 section 362

Effect of company starting or ceasing to be within charge to income tax

Section 362 dealt with what happened when a company entered or left the charge to income tax in respect of its UK property business, but was removed from the legislation with effect from 6 April 2020.

• Section 362 addressed the tax consequences when a company began or stopped being subject to income tax on its UK property income.
• The section was omitted entirely by Finance Act 2019 (section 17 and Schedule 5, paragraph 8).
• The removal took effect from 6 April 2020, reflecting the wider shift of non-UK resident companies from income tax to corporation tax on UK property income.
• From 6 April 2020 onwards, non-UK resident companies with UK property businesses are charged to corporation tax rather than income tax, making this section redundant.