{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-428",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-428.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/428",
  "kind": "section",
  "number": "428",
  "heading": "Income charged",
  "text": "(1) Tax is charged under this Chapter on the full amount of profits arising in the tax year.\n(2) The profits on a disposal are to be taken to arise when the disposal occurs.\n(3) If the profits arise on a disposal of securities that are outside the United Kingdom—\n(a) they are treated for the purposes of section 830 (meaning of “relevant foreign income”) as arising from a source outside the United Kingdom, and\n(b) subsection (1) is subject to Part 8 (foreign income: special rules).\n(4) Subsection (2) needs to be read with section 438 (timing of transfers and acquisitions).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/428",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}