2011 | OriginalPaper | Chapter
Income from Businesses and Professions
Authors : Walter Sinclair, Barry Lipkin
Published in: St. James’s Place Wealth Management Tax Guide 2011–2012
Publisher: Palgrave Macmillan UK
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The profits from trades, professions and vocations were normally assessed for 2004–05 and previous years under Schedule D Case I (trades) and Schedule D Case II (professions and vocations). However, from 2005–06 onwards, with the introduction of ITTOIA (2.10), the income is no longer classified for income tax purposes into schedules, although the basic rules remain. (ITTOIA does not apply for corporation tax purposes.) There are certain special rules which apply to partnerships (Chapter 12) and companies (Chapter 13).