# Income Tax (Trading and Other Income) Act 2005, Section 428: Income charged


(1) Tax is charged under this Chapter on the full amount of profits arising in the tax year.
(2) The profits on a disposal are to be taken to arise when the disposal occurs.
(3) If the profits arise on a disposal of securities that are outside the United Kingdom—
(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
(b) subsection (1) is subject to Part 8 (foreign income: special rules).
(4) Subsection (2) needs to be read with section 438 (timing of transfers and acquisitions).

---
Source: https://www.legislation.gov.uk/ukpga/2005/5/section/428 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-428
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.