Income Tax (Trading and Other Income) Act 2005 section 553

Income charged

Section 553 establishes how the income charge applies to profits or gains arising under Chapter 10 of the Act.

• Tax is charged on the full amount of profits or gains, with no deductions or reductions at the point of charge.
• The charge applies to profits or gains arising within the relevant tax year.
• The tax year runs from 6 April to the following 5 April.
• The timing of when profits or gains "arise" determines which tax year they fall into.