{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-7",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-7.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/7",
  "kind": "section",
  "number": "7",
  "heading": "Income charged",
  "text": "(1) Tax is charged under this Chapter on the full amount of the profits of the tax year (including amounts treated as profits of the tax year under section 23E(1) , section 23I or section 23M).\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) This section is subject to Part 8 (foreign income: special rules).\n(5) And, for the purposes of section 830 (meaning of “relevant foreign income”), the profits of a trade, profession or vocation arise from a source outside the United Kingdom only if the trade, profession or vocation is carried on wholly outside the United Kingdom.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 7(1) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2022 (c. 3), Sch. 1 paras. 2(2), 61(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 7(1) inserted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(3)(6)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 7(2) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 2(3), 61(1)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "S. 7(3) omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 2(3), 61(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/7",
    "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."
}