Income Tax (Trading and Other Income) Act 2005

United Kingdom legislation

The Income Tax (Trading and Other Income) Act 2005[1]

Parliament of the United Kingdom

Long title| An Act to restate, with minor changes, certain enactments relating to income tax on trading income, property income, savings and investment income and certain other income; and for connected purposes.
Citation| 2005 c 5
Dates
Royal assent| 24 March 2005
Other legislation
Amended by| The Commissioners for Revenue and Customs Act 2005
The Income Tax Act 2007

Status: Amended

Text of statute as originally enacted
Revised text of statute as amended

The Income Tax (Trading and Other Income) Act 2005 (c 5) is an Act of the Parliament of the United Kingdom.

It restated certain legislation relating to income tax, with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice."[2] The Bill was the work of the Tax Law Rewrite Project team at the Inland Revenue.[3]

## Part 1

[edit]

### Section 1

[edit]

Section 1(2) was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

## Part 2

[edit]

### Chapter 4

[edit]

#### Section 51

[edit]

This section was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

#### Section 75

[edit]

Section 75(5) was repealed by paragraph 42 of the Schedule to the Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (SI 2009/2035).

#### Section 79

[edit]

Section 79(2) was repealed by Part 1 of Schedule 3 to the Corporation Tax Act 2009.

### Chapter 5

[edit]

#### Section 88

[edit]

Section 88(4)(a) was repealed by section 70 of, and Part 2(2) of Schedule 11 to, the Finance （No. 2） Act 2005.

### Chapter 7

[edit]

#### Section 108

[edit]

Sections 108(4)(c) and (d) were repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

### Chapter 8

[edit]

#### Section 128

[edit]

This section was repealed by paragraph 43 of the Schedule to the Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009.

### Chapter 9

[edit]

#### Section 130

[edit]

Sections 130(1)(b) and (6) were repealed by section 178(1) of, and Part 3(4) of Schedule 26 to, the Finance Act 2006.

#### Section 131

[edit]

This section was repealed by section 178(1) of, and Part 3(4) of Schedule 26 to, the Finance Act 2006.

#### Section 132

[edit]

Sections 132(1)(a) and (2) and (3) were repealed by section 178(1) of, and Part 3(4) of Schedule 26 to, the Finance Act 2006.

#### Section 134

[edit]

Section 134(4) was repealed by section 178(1) of, and Part 3(4) of Schedule 26 to, the Finance Act 2006.

#### Section 135

[edit]

Section 135(1)(d), (6)(b) to (d) and (7) were repealed by section 178(1) of, and Part 3(4) of Schedule 26 to, the Finance Act 2006.

#### Sections 136 to 144

[edit]

These sections was repealed by section 178(1) of, and Part 3(4) of Schedule 26 to, the Finance Act 2006.

### Chapter 11

[edit]

#### Section 157

[edit]

This section was repealed by paragraph 43(1)(a) of Schedule 39 to the Finance Act 2012.

#### Section 160

[edit]

This section was repealed by paragraph 51 of Schedule 4 to the Finance Act 2013.

#### Section 162

[edit]

This section was repealed by paragraph 21(1)(a) of Schedule 39 to the Finance Act 2012.

### Chapter 12

[edit]

#### Section 186

[edit]

Sections 186(2) to (4) were repealed by paragraph 439(4) of the Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (SI 2009/56).

### Chapter 16

[edit]

#### Section 223

[edit]

Section 223(4) was repealed by section 25(5)(c) of the Finance Act 2016.

### Chapter 16A

[edit]

#### Section 225N

[edit]

Sections 225N(3) and (4) were repealed by paragraph 6(2) of Schedule 31 to the Finance Act 2013. Section 225N(5) was repealed by paragraph 14(2) of Schedule 31 to the Finance Act 2013.

#### Section 225O

[edit]

This section was repealed by paragraph 6(3) of Schedule 31 to the Finance Act 2013.

#### Sections 225P and 225Q

[edit]

These sections were repealed by paragraph 15 of Schedule 31 to the Finance Act 2013.

#### Section 225T

[edit]

This section was repealed by paragraph 9 of Schedule 31 to the Finance Act 2013.

### Chapter 17

[edit]

#### Sections 238 and 239

[edit]

This section was repealed by paragraph 51 of Schedule 4 to the Finance Act 2013.

### Chapter 17A

[edit]

#### Section 240D

[edit]

Section 240D(6) was repealed by paragraph 9(6) of Schedule 2 to the Finance (No. 2) Act 2017.

## Part 3

[edit]

### Chapter 1

[edit]

#### Section 260

[edit]

Section 260(1)(f) was repealed by paragraph 47(b) of Schedule 7 to the Finance Act 2008.

### Chapter 3

[edit]

#### Section 269

[edit]

Sections 269(3) and (4) were repealed by paragraph 48 of Schedule 7 to the Finance Act 2008.

#### Section 272

[edit]

Section 272(1) was repealed by paragraph 16(3) of Schedule 2 to the Finance (No. 2) Act 2017.

### Chapter 4

[edit]

#### Section 302B

[edit]

Sections 302B(3) and (4) were repealed by paragraph 57(2) of Schedule 23 to the Finance Act 2011.

#### Section 305

[edit]

This section was repealed by paragraph 44 of the Schedule to the Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009.

### Chapter 5

[edit]

#### Sections 308A to 308C

[edit]

These sections were repealed by section 74(1)(a) of the Finance Act 2016.

#### Section 319

[edit]

This section was repealed by paragraph 43(1)(b) of Schedule 39 to the Finance Act 2012.

### Chapter 6

[edit]

#### Section 322

[edit]

Sections 322(2)(b) and (c) were repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

#### Section 327

[edit]

Section 327(2)(c) was repealed by section 74(1)(b) of the Finance Act 2016.

### Chapter 8

[edit]

#### Section 339

[edit]

Section 339(3) was repealed by paragraph 43(2)(a)(ii) of Schedule 39 to the Finance Act 2012.

#### Sections 340 to 343

[edit]

These sections were repealed by paragraph 43(1)(c) of Schedule 39 to the Finance Act 2012.

### Chapter 11 - Overseas property income

[edit]

This Chapter consisted of sections 357 to 360. This Chapter was repealed by paragraph 49 of Schedule 7 to the Finance Act 2008.

### Chapter 12

[edit]

#### Section 362

[edit]

This section was repealed by paragraph 8 of Schedule 5 to the Finance Act 2019.

## Part 4

[edit]

### Chapter 1

[edit]

#### Section 365

[edit]

Section 365(1)(i) was repealed by regulation 36(2) of the Unauthorised Unit Trusts (Tax) Regulations 2013 (SI 2013/2819). Section 365(1)(k) was repealed by paragraph 2(b) of Schedule 12 to the Finance Act 2013.

### Chapter 2

[edit]

#### Section 373

[edit]

Sections 373(4) and (6) were repealed by section 70 of, and Part 2(3) of Schedule 11 to, the Finance (No. 2) Act 2005.

#### Section 376

[edit]

Section 376(4) and (6) were repealed by section 70 of, and Part 2(3) of Schedule 11 to, the Finance (No. 2) Act 2005.

### Chapter 3

[edit]

#### Section 384

[edit]

Section 384(3) was repealed by paragraph 5 of Schedule 1 to the Finance Act 2016.

#### Section 385A

[edit]

This section was repealed by section 14(1) of the Finance Act 2017.

#### Section 393

[edit]

Section 393(5) was repealed by paragraph 6 of Schedule 1 to the Finance Act 2016.

#### Section 394

[edit]

Section 394(5) was repealed by paragraph 7(a) of Schedule 1 to the Finance Act 2016.

#### Section 397

[edit]

This section was repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016. Section 397(2)(b) was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

#### Sections 397A

[edit]

Sections 397 to 398 were repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016. Section 397A(8) was repealed by paragraph 14(b) of Schedule 29 to the Finance Act 2013.

#### Section 397AA

[edit]

Sections 397 to 398 were repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016.

#### Section 397B

[edit]

This section was repealed by paragraph 15 of Schedule 29 to the Finance Act 2013.

#### Sections 397BA and 397C

[edit]

Sections 397 to 398 were repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016.

#### Section 398

[edit]

This section was repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016.

#### Section 399

[edit]

Sections 399(3) to (5), (5A) and (7) were repealed by paragraphs 11(4) to (6) of Schedule 1 to the Finance Act 2016.

#### Section 400

[edit]

This section was repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016. Section 400(7) was repealed by regulation 36(6) of the Unauthorised Unit Trusts (Tax) Regulations 2013.

#### Section 401A

[edit]

This section was repealed by paragraph 13 of Schedule 1 to the Finance Act 2016.

### Chapter 4

[edit]

#### Section 406

[edit]

Section 406(4A) was repealed by paragraph 15 of Schedule 1 to the Finance Act 2016.

#### Section 407

[edit]

Section 407(4A) was repealed by paragraph 15 of Schedule 1 to the Finance Act 2016.

### Chapter 5

[edit]

#### Section 414

[edit]

This section was repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016.

### Chapter 6

[edit]

#### Section 416

[edit]

Section 416(2) was repealed by paragraph 18(b) of Schedule 1 to the Finance Act 2016.

#### Section 421

[edit]

This section was repealed by paragraph 1(1) of Schedule 1 to the Finance Act 2016.

### Chapter 8

[edit]

#### Section 457

[edit]

Section 457(3) was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007. Section 457(4) was repealed by section 178(1) of, and Part 3(15) of Schedule 26 to, the Finance Act 2006.

### Chapter 10 - Distributions from unauthorised unit trusts

[edit]

This Chapter was repealed by regulation 36(8) of the Unauthorised Unit Trusts (Tax) Regulations 2013.

### Chapter 12

[edit]

#### Section 568

[edit]

Section 568(5) was repealed by section 178(1) of, and Part 3(15) of Schedule 26 to, the Finance Act 2006.

## Part 5

[edit]

### Chapter 5

[edit]

#### Section 647

[edit]

This section repealed by paragraph 57(3) of Schedule 23 to the Finance Act 2011.

### Chapter 7

[edit]

#### Section 683

[edit]

Section 683(4)(g) was repealed by paragraph 21(2) of Schedule 39 to the Finance Act 2012.

#### Section 685A

[edit]

Section 685A(4)(c) was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

## Part 6

[edit]

### Chapter 7

[edit]

#### Section 724

[edit]

Section 724(3) was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

### Chapter 8

[edit]

#### Section 748

[edit]

This section was repealed by paragraph 21(1)(b) of Schedule 39 to the Finance Act 2012.

## Part 8

[edit]

### Chapter 1

[edit]

#### Section 830

[edit]

Section 830(2)(d) repealed by paragraph 51(3) of Schedule 7 to the Finance Act 2008.

### Chapter 2

[edit]

#### Section 831

[edit]

This section repealed by paragraph 52 of Schedule 7 to the Finance Act 2008.

#### Sections 833 to 837

[edit]

These sections were repealed by paragraph 54 of Schedule 7 to the Finance Act 2008.

## Part 9

[edit]

### Section 858

[edit]

Section 858(3) was repealed by paragraph 27 of Schedule 1 to the Finance Act 2016.

### Section 862

[edit]

Sections 862(3) and (7) were repealed by Part 1 of Schedule 3 to the Corporation Tax Act 2009.

## Part 10

[edit]

### Chapter 3

[edit]

#### Sections 876 and 877

[edit]

These sections were repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

#### Section 879

[edit]

Section 879(2) was repealed by Part 1 of Schedule 3 to the Income Tax Act 2007.

#### Section 881

[edit]

This section was repealed by Part 1 of Schedule 3 to the Corporation Tax Act 2009.

## References

[edit]

* "Income Tax (Trading and Other Income) Act 2005". Halsbury's Statutes of England and Wales. Fourth Edition. 2010 Reissue. Title "Taxes, Customs and Excise". Volume 46.

1. ^ The citation of this Act by this short title is authorised by section 886 of this Act.
2. ^ See the title of the Act and paragraphs 6 and 7 of the explanatory notes to the Act.
3. ^ Explanatory notes, paragraph 10 (and see paragraph 1 for their name)

## External links

[edit]

* The Income Tax (Trading and Other Income) Act 2005, as amended from the National Archives.
* The Income Tax (Trading and Other Income) Act 2005, as originally enacted from the National Archives.
* Explanatory notes to the Income Tax (Trading and Other Income) Act 2005.

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