Income Tax (Trading and Other Income) Act 2005

The Income Tax (Trading and Other Income) Act 2005 (c. 5) is an act of the Parliament of the United Kingdom.

It restated certain legislation relating to income tax, with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice."See the title of the act and paragraphs 6 and 7 of the explanatory notes to the act. The bill was the work of the Tax Law Rewrite Project team at the Inland Revenue.Explanatory notes, paragraph 10 (and see paragraph 1 for their name)

Provisions The act provides that unexplained wealth orders may be imposed on overseas companies and trusts.

The act allows for settlors to be liable for income tax where the trust is settlor-interested.

The act states that the definition of settlement includes "any disposition, trust, covenant, agreement, arrangement or transfer of assets”.

Notes

References John Walters. "Income Tax (Trading and Other Income) Act 2005". Current Law Statutes Annotated 2005. Sweet & Maxwell. London. W Green. Edinburgh. 2005. Volume 1. Chapter 5. pp 5-1 to 5-493. "Income Tax (Trading and Other Income) Act 2005". Halsbury's Statutes of England and Wales. Fourth Edition. 2010 Reissue. Title "Taxes, Customs and Excise". Volume 46.

External links

Explanatory notes to the Income Tax (Trading and Other Income) Act 2005.