Income Tax (Trading and Other Income) Act 2005 section 572

Income charged

Section 572 identified the amount of income subject to charge in relation to certain transactions, but was removed from the legislation for transfers taking place on or after 22 April 2009.

• Section 572 formed part of Chapter 13 (sections 570–573) of the Income Tax (Trading and Other Income) Act 2005, which dealt with a specific category of chargeable transactions.
• The section specified the amount of income on which tax was charged in connection with those transactions.
• The entire chapter, including section 572, was omitted by the Finance Act 2009 (section 49 and Schedule 25, paragraph 2(b)).
• The repeal applies to transfers occurring on or after 22 April 2009; for any transfers before that date, the original provisions would still have applied.