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Paragraph 21

(1)

In this Schedule “turnover”, in relation to a trade, profession or vocation, means the amounts derived from the provision of goods or services falling within its ordinary activities, after deduction of trade discounts and value added tax.

(2)

Obtaining a tax advantage shall not be regarded as a bona fide commercial reason for the purposes of this Schedule.

Notes on Schedule 22

Textual amendments

F1

Words in Sch. 22 heading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 484(12) (with Sch. 2)