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Commentary

17 Overview

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

17 Overview

| Commentary

2: TAXATION OF THE BUSINESS

(a) Introduction to taxation of the business

17 Overview1

A sole trader or a partner will be subject to taxation in respect of both the income and capital profits of the business (or in the case of a partner, in respect of his share of those profits). In relation to income profits the charge will be to income tax, mainly under Parts 2, 3 and 4 of the Income Tax (Trading and Other Income) Act 20052, whilst capital profits or gains are subject to capital gains tax3.

Although a limited liability partnership (LLP) is a separate legal personality,

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