Income Tax (Trading and Other Income) Act 2005 section 574

Overview of Part 5

Section 574 provides an overview of Part 5 of the Act, which imposes income tax charges on various categories of miscellaneous income that do not fall neatly under trading, property or savings income.

• Part 5 charges income tax on seven categories of miscellaneous income, including receipts from intellectual property, films and sound recordings (non-trade businesses), certain telecommunication rights, settlements income, beneficiaries' income from estates in administration, annual payments not charged elsewhere, and any other income not otherwise charged
• Exemptions from these charges are dealt with in Part 6 of the Act, and further specific exemptions may be found within the individual chapters of Part 5 itself
• The charges apply to both UK residents and non-UK residents, but non-UK residents are only charged on income arising from UK sources
• The section must be read alongside the priority rules in sections 2, 575 and 576, which determine how these charges interact with other income tax provisions and with each other