Income Tax (Trading and Other Income) Act 2005 section 555

Charge to tax under Chapter 12

Section 555 established the charge to tax under Chapter 12, but this provision was removed from the legislation with effect from the 2013–14 tax year onwards.

• Section 555 was part of Chapter 12 (sections 555 to 569) of the Income Tax (Trading and Other Income) Act 2005, which set out a specific charge to income tax.
• The entire Chapter 12, including section 555, was repealed by Finance Act 2013.
• The repeal was enacted through section 28 and Schedule 12, paragraph 13(2) of Finance Act 2013.
• The removal took effect from the tax year 2013–14 and applies to all subsequent tax years.