Taxes Management Act 1970 section 81

Taxation on basis of merchanting profit

Section 81 was a provision dealing with the taxation of profits derived from merchanting activities, but it has been repealed.

• Section 81 originally provided rules for how profits from merchanting activities were to be assessed for tax purposes.
• The section was repealed by the Finance Act 1995, Schedule 29, Part 8(16).
• Any historical tax computations made under this section prior to its repeal would have followed the rules as they stood at the relevant time.
• The repeal reflects the wider simplification and consolidation of tax legislation undertaken during the mid-1990s.

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