Practical Law UK Glossary 3-200-6471 (Approx. 2 pages)
Glossary
Part 2 of the Income Tax (Trading and Other Income) Act 2005
The statutory provision under which profits of trades, professions and vocations are subject to income tax in the UK. Part 2 of the Income Tax (Trading and Other Income) Act 2005 came into force on 6 April 2005 and replaces Schedule D of the Income and Corporation Taxes Act 1988. For further information, see Practice note, Income tax: calculation of trading income profits.