Regulation 5 Amendments to the Income Tax (Trading and Other Income) Act 2005

(1)

The Income Tax (Trading and Other Income) Act 2005^f1 is amended as follows.

(2)

In section 96A^f2 (capital receipts under, or after leaving, the cash basis), in subsection (3A), after “(see section 96B(5))” insert “except to the extent that it is expenditure in respect of which a capital allowance is made under Part 2A of that Act”.

(3)

In section 96B^f3 (capital receipts under, or after leaving, the cash basis: supplementary provision), in subsection (5)(a), after “Part 2,” insert “2A,”.

Annotations

Footnotes

f1: 2005 c. 5.
f2: Section 96A was inserted by paragraph 20 of Schedule 4 to the Finance Act 2013 (c. 29) and amended by paragraph 4 of Schedule 2 to the Finance (No. 2) Act 2017.
f3: Section 96B was inserted by paragraph 5 of Schedule 2 to the Finance (No. 2) Act 2017.