360. Rules for categorising income.

The charge to corporation tax on income has effect in accordance with the provisions of the Corporation Tax Acts that deal with its application1. The former Schedular system2 for categorising income has been abolished and replaced by rules for categorising income. Provision is made for the charge to corporation tax on income to apply to the:

  1.  

    (1)     profits of a trade3: Part 3 of the Corporation Tax Act 20094 applies to the profits of a trade and post-cessation receipts arising from a trade5;

  2.  

    (2)     profits of a property business6: Part 4 of the Corporation Tax Act 20097 applies to