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RICHARD CURTIS provides a brief introduction to the recently introduced Income Tax (Trading and Other Income) Act 2005.
RICHARD CURTIS provides a brief introduction to the recently introduced Income Tax (Trading and Other Income) Act 2005.
THE THIRD BILL in the Tax Law Rewrite Projects' review of the main tax legislation received the Royal Assent on 23 March 2005 and entered into force on 6 April 2005. The Income Tax (Trading and Other Income) Act 2005 generally becoming known by the acronym 'ITTOIA' puts the final nail in the coffin of the well-known 'schedular' system of direct taxation for income tax purposes although the system remains — for the present to some extent — for corporation tax.
Schedules A B C D and E were originally introduced in 1803 with Schedule F being a late addition in 1965. Schedule B was abolished by FA 1988 the income tax element of Schedule C disappeared as a result of FA 1996...
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