Income Tax (Trading and Other Income) Act 2005 section 95

Professions and vocations

Section 95 confirms that the trading income rules in this chapter apply equally to professions and vocations, not just to trades.

• All provisions in this chapter apply to professions and vocations in the same way as they apply to trades.
• The only exception is section 105, which deals specifically with industrial development grants and does not extend to professions or vocations.
• This section removes the need to repeat throughout the chapter that each rule covers professions and vocations as well as trades.
• Wherever you see a reference to "trade" in this chapter, you should read it as also covering a profession or vocation, unless section 105 is involved.